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Significant Support - 1.2450
USDCAD is trading weak for the fifth consecutive week on board-based Canadian dollar buying. It shined well against all majors on surging crude3 oil prices. The Russian and Ukraine war has pushed oil prices higher due to sanctions by major countries on Russia.WTI crude oil price lost more than 15% from a minor top of $116.54. Loonie hits an intraday low of 1.24830 and currently trading around 1.24897.
Technical:
USDCAD is holding below short-term (21 EMA), medium-term (55 EMA), and long-term ( 200 MA) in the daily chart.
ADX- Bearish
CCI (50) below zero line in the daily chart.
Resistance to be watched- 1.2550, 1.2600, and 1.2660.
Support- 1.2450, 1.2400, and 1.2360.
It is good to sell on rallies around 1.2528-30 with SL around 1.2560 for a TP of 1.2400.
