Intraday trend- Bearish
Significant resistance- 1.3750
USDCAD lost its shine after a minor pullback to 1.37468. The intraday trend is still bearish as long as resistance 1.3750 holds. The minor pullback in WTI Crude oil prices also putting pressure at higher levels. Technically in the hourly chart, the pair is holding below short-term (21- and 55 EMA) and above 200 EMA (102.68). Any break below 1.36770 will take the pair to 13650/1.3600. USDCAD hits an intraday low of 1.36775 and is currently trading around 1.36883
The near-term resistance is around 1.3750, and any breach below targets 1.3810/1.3900.
Indicators (Hourly chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 1.3708-10 with SL around 1.3750 for a TP of 13600.
