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Intraday bias - Bearish
USDCAD continues to trade lower for the third consecutive day on upbeat Canadian inflation. Annual CPI rose to 7.7% compared to a forecast of 7.3%, above the 6.8% gain in the previous month. A minor pullback in WTI crude oil price as G7 countries push for a price cap on Russian oil exports. Technically in the 4- hour chart, the pair is holding below the short-term (21- and 55 EMA) and above the long-term moving average of 200 EMA (1.28214). Any break below 1.2860 confirms a bearish continuation. A dip to 1.2800/1.2778 is possible USDCAD hits an intraday low of 1.28691 and is currently trading around 1.2883.
The near-term resistance is around 1.2920, any breach above targets 1.2955/1.3000/ 1.3080.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 1.2948-50 with SL around 1.3000 for TP of 1.2800.
