Intraday trend- Bearish
Significant support- 1.3580
USDCAD halted its two days of losing streak and showed a minor pullback. The Canadian dollar gained momentum after upbeat retail sales. It rose 1.4% in Jan, compared to a forecast of 0.70%. 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 4-hour chart, the pair is holding below short-term (21- and 55 EMA) and 200 EMA (1.36301). Any break below 1.3580 will take the pair to 13530/1.3470. USDCAD hits an intraday high of 1.36165 and is currently trading around 1.36071.
The near-term resistance is around 1.3630, and any breach above targets is 1.3680/1.3750.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- neutral
It is good to sell on rallies around 1.3628-30 with SL around 1.3670 for a TP of 1.3530.
