Intraday bias - Bullish
USDCAD showed a nice recovery after five weeks of downtrend despite a jump in crude oil prices. Technically in 15 min chart, the pair is holding above the short term (21- and 55 EMA) and long term moving average of 200 MA (1.2550). Any close above trend line resistance 1.25750 confirms bullish continuation. A jump to 1.2620/1.2660 is possible USDCAD hits an intraday high of 1.25746 and is currently trading around 1.25713.
The near-term support is around 1.25480, any breach below targets 1.2500/1.2460.
Indicators (15 min chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 1.25680-90 with SL around 1.2500 for TP of 1.2660.
