Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1354
Kijun-Sen level: 1.133
Ichimoku cloud top: 1.1309
Ichimoku cloud bottom: 1.1298
USD/CAD made a low of 1.1259 and recovered from that level. Overall trend is bullish as long as short term support 1.1275 holds.
The break below 1.1275 will target 1.122/1.120 in the short term. The pair’s major resistance is around 1.1400 and any indicative break above would extend gain to 1.1465 (Nov 5th high)/1.1500.
Minor resistances are at 1.136/1.1385.
Recommendation: Buy USD/CAD around 1.1335, SL 1.1275 Target 1.150.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1354
Kijun-Sen level: 1.133
Ichimoku cloud top: 1.1309
Ichimoku cloud bottom: 1.1298
USD/CAD made a low of 1.1259 and recovered from that level. Overall trend is bullish as long as short term support 1.1275 holds.
The break below 1.1275 will target 1.122/1.120 in the short term. The pair’s major resistance is around 1.1400 and any indicative break above would extend gain to 1.1465 (Nov 5th high)/1.1500.
Minor resistances are at 1.136/1.1385.
Recommendation: Buy USD/CAD around 1.1335, SL 1.1275 Target 1.150.
