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FxWirePro- USDCAD Trade Idea

Intraday trend- Bullish

 

Significant resistance- 1.37600

 

USDCAD formed a triple bottom around 1.3630-40 and showed a nice pullback on a strong dollar.  On a monthly basis, Canadian CPI rose by 0.40% in Feb, compared to an estimated 0.50%. The intraday trend is still bullish as long as support 1.3700 holds. The minor pullback in WTI Crude oil prices put pressure at higher levels. Technically in the 4-hour chart hart, the pair trades above short-term (21- and 55 EMA) and above 200 EMA (1.36212). Any break above 13760 will take the pair to 1.3810/1.3860. USDCAD hits an intraday high of 1.37611 and is currently trading around 1.37563

 

The near-term support is around 1.3700, and any breach below targets 1.3630/1.3600.

 

Indicators (4-hour chart)

 

CCI (50)- Bullish

 

ADX- Neutral

 

It is good to buy on dips around 1.3728-30 with SL around 1.3760 for a TP of 1.3780.

 

 

 

 

 

 

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