Significant Resistance - 1.2660
USDCAD continues to trade lower for a second consecutive day on surging oil prices. WTI crude oil price jumped more than 25% this week as a sanction on Russia will affect supply. It hits an intraday high of $116.53. Loonie hits an intraday low of 1.25869 and currently trading around 1.26119.
Technical:
USDCAD is holding below short-term (21 EMA) and medium-term (55 EMA), and above long-term ( 200 MA) in the daily chart.
ADX- Neutral
CCI (50) below zero line and Woodies CCI above zero line.
Resistance to be watched- 1.2660, 1.2720, and 1.2760.
Support- 1.2550, 1.2500, and 1.2400.
It is good to sell on rallies around 1.2628-30 with SL around 1.2680 for a TP of 1.2500.
