Significant Resistance - 1.2800
USDCAD has formed a triple top around 1.2800 and shown a minor decline. The surge in crude oil prices due to geopolitical tension is supporting the Canadian dollar. It has touched a 7-year high as Russia could invade Ukraine any day. The slight policy divergence between the US fed and Bank of Canada prevents further downside. It hits an intraday low of 1.27112 and currently trading around 1.27137.
Technical:
USDCAD is holding below short-term (21 EMA) and above medium-term (55 EMA), and long-term ( 200 MA) in the 4- hour chart.
ADX- Neutral
CCI (50) above zero line and Woodies CCI below zero line.
Resistance to be watched- 1.2800, 1.2860, and 1.2900.
Support- 1.2660, 1.2600, 1.2500.
It is good to buy on dips around 1.2678-80 with SL around 1.2638 for a TP of 1.2800.
