- USD/CAD has taken support around 1.2570 (200 day 4HMA) and recovered slightly from that level. Overall trend is bullish as long as support 1.2570 holds.
- On the upside minor resistance is around 1.2620 (ichimoku cloud) and any break above could pave way for next target 1.2660/1.2700.
- Any break below 1.2570 will drag the pair further down till 1.2550/1.2480 in short-term.
Indicators (4 Hour chart)
CCI (50) – Buy
CCI (14) – Sell
CCI (14) – Neutral
Recommendation: Buy USD/CAD around 1.2600, SL 1.2560, Target 1.2700.
The material has been provided by InstaForex Company – www.instaforex.com