The primary trend of
USDCAD
is bearish on charts but from past few trading sessions prices are
not sustaining at lower levels & consolidating near the important
level of 1.2270. In its hourly chart, prices are consolidating with
strong positive bias to give break out at upside. It is also taking
support of 30 DMA. If the pair breaks the resistance level of 1.2275
at upside then we can expect it to test the level of 1.2320/1.2370.
INDICATORS:-
RSI is sustaining in buying territory supporting the
upcoming bullish trend in the pair.
MACD line is also sustaining in buying territory
indicating the bullish trend in the pair.
STRATEGY:-
USDCAD
has bounced back from the lower level & looking bullish on charts
for next few session. One can go for buy on dips strategy for this
pair for intra day to mid term positions.
