Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1350
Kijun-Sen level: 1.1380
Ichimoku cloud top: 1.1339
Ichimoku cloud bottom: 1.1274
USD/CAD made low of 1.1299 and has recovered from that level. Overall trend is bullish as long as 1.1290 (50% retracement of 1.112 to 1.1465).
On the downside break below will target 1.1250. The 1.1400 is acting as minor resistance and indicative break would extend gain to 1.1460/1.1568 (161.8% retracement of 1.1465 to 1.1299).
Recommendation: Buy USD/CAD around 1.134, SL 1.1290, Target 1.1568.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1350
Kijun-Sen level: 1.1380
Ichimoku cloud top: 1.1339
Ichimoku cloud bottom: 1.1274
USD/CAD made low of 1.1299 and has recovered from that level. Overall trend is bullish as long as 1.1290 (50% retracement of 1.112 to 1.1465).
On the downside break below will target 1.1250. The 1.1400 is acting as minor resistance and indicative break would extend gain to 1.1460/1.1568 (161.8% retracement of 1.1465 to 1.1299).
Recommendation: Buy USD/CAD around 1.134, SL 1.1290, Target 1.1568.