FxWirePro- USDCAD Daily outlook

Significant Resistance - 1.2820

USDCAD continues to trade lower after hitting a multi-week high at 1.28750. The Canadian dollar was one of the best performing commodity currencies on surging oil prices. WTI crude jumped above $100 and hits the highest level since 2014 on geopolitical tensions. The US  and other major countries have imposed economic sanctions against Russia. This will affect the crude oil supply as Russia produces 10 million barrels per day. It hits an intraday low of 1.27097 and currently trading around 1.227235.

Technical:

USDCAD is holding below short-term (21 EMA) and medium-term (55 EMA), and above long-term ( 200 MA) in the 4-hour chart.

ADX- Neutral

CCI (50) below zero line and Woodies CCI above zero line.

Resistance to be watched- 1.2760, 1.2820, and 1.2900.

Support- 1.2660, 1.2600, and 1.2500.

It is good to sell on rallies around 1.2758-60 with SL around 1.2810 for a TP of 1.2600.