Intraday bias - Bullish
USDCAD gained sharply after forming a temporary bottom at 1.25177. Technically in the hourly chart, the pair is holding above the short term (21- and 55 EMA) and long term moving average of 200 MA (1.26042). Any close below that level of 1.2600 confirms a bearish continuation. A dip to 1.2540/1.2500 is possible USDCAD hits an intraday low of 1.26897 and is currently trading around 1.26865.
The near-term resistance is around 1.2720, any breach below targets 1.2785/1.28488.
Indicators (Hourly chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 1.2650 with SL around 1.2600 for TP of 1.2780.
