Significant resistance- 1.2950
USDCAD surged sharply and traded higher for the past six days. It is holding well above the 1.2850 level on the weak Canadian dollar. The spread of the omicron virus and weak crude oil prices are putting pressure on the Canadian dollar.USDCAD hits a multi-week high around 1.28650 and any breach above 1.2950 confirms further bullishness.
Technicals:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and long-term (100 and 200) in four hours chart.
ADX- Bullish trend with strength above 30 levels.
CCI (50) and woodies CCI above zero line.
Resistance to be watched- 1.2900, 1.2950, and 1.3000.
Support- 1.2780,1.2700,1.2640.
It is good to buy on dips around 1.2848-50 with SL around 1.27950 for a TP of 1.2950.
