- USD/CAD has taken support near 1.2425 and slightly recovered till 1.2520 from that level. Overall trend is bullish as long as support 1.2400 holds.
- On the downside any break below 1.2400 will take the pair further down till 1.2350.
- The pair’s minor resistance is around 1.2520 and any break above would extend gains till 1.2579 (200 day 4HMA)/1.2650 in short term.
Indicators (4 Hour chart)
CCI (50) – Sell
CCI (14) – Sell
CCI (14) – Sell
Recommendation: Buy USD/CAD around 1.2450, SL 1.2400, Targets 1.2518/1.2575.
The material has been provided by InstaForex Company – www.instaforex.com