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Significant Resistance - 1.2660
USDCAD surged sharply after a massive sell-off. The fed meeting minutes have signaled a 50 bpbs rate hike in the next policy meeting. The policy divergence between the US fed and the Bank of Canada is supporting Loonie at lower levels. Oil prices slipped for the third consecutive day after European Union delayed the Russian energy sanctions plan. USDCAD hits an intraday high of 1.25985 and currently trading around 1.25949.
The number of people who have filed for unemployment benefits declined to 166000 last week vs. an estimate of 201K.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and below long-term ( 200 EMA) in the 4-hour chart.
ADX- Bullish
CCI (50) above zero line in the 4-hour chart.
Resistance to be watched- 1.26150, 1.2660, and 1.2700.
Support- 1.2550, 1.2500, and 1.24000.
It is good to buy on dips around 1.2578-80 with SL around 1.2540 for a TP of 1.2700.
