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Intraday trend- Bearish
Significant support- 1.3090
USDCAD lost its shine after the Bank Of Canada monetary policy. The central bank has hiked rates by 25 bpbs, the highest level since 2001. The bank warned that progress on the CPI front will be slower, which shows that BOC will follow monetary tightening. The weak US inflation also dragging the pair further down. It hits an intraday low of 1.30922 and is currently trading around 1.31208.
Technically in the 4-hour chart, the pair is holding above below short-term (21- and 55 EMA) and 200 EMA (1.32945). Any break below 1.3090 will take the pair to 1.3050/1.300.
The near-term resistance is around 1.3150 and any breach above targets is 1.3200/1.3240.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 1.3148-50 with SL around 1.3200 for a TP of 1.3000.
