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Significant Resistance - 1.2820
USDCAD is trading higher despite strong crude oil prices. The escalation of Russia and Ukraine has increased demand for safe-haven assets like the US dollar. The US wants to impose economic sanctions against Russia. This will affect the crude oil supply as Russia produces 10 million barrels per day. It hits an intraday high of 1.28142 and currently trading around 1.28054.
Technical:
USDCAD is holding well above short-term (21 EMA) and medium-term (55 EMA), and long-term ( 200 MA) in the daily chart.
ADX- Neutral
CCI (50) above zero line and Woodies CCI below zero line.
Resistance to be watched- 1.2820, 1.2860, and 1.2900.
Support- 1.2750, 1.2660, 1.2600.
It is good to buy on dips around 1.2758-60 with SL around 1.27000 for a TP of 1.2900.
