Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1345
Kijun-Sen level: 1.1340
Ichimoku cloud top: 1.1384
Ichimoku cloud bottom: 1.1293
USD/CAD is facing strong resistance around 1.1401 and any short term trend reversal only above that level.
The pair is facing minor support at 1.1360. On the downside break below 1.1360 will target 1.1315/1.1280.
The break of major resistance 1.1401 would extend gain to 1.14655 (Nov 5th high).
Recommendation: Sell USD/CAD around 1.1370, SL 1.1401, Target 1.1285.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1345
Kijun-Sen level: 1.1340
Ichimoku cloud top: 1.1384
Ichimoku cloud bottom: 1.1293
USD/CAD is facing strong resistance around 1.1401 and any short term trend reversal only above that level.
The pair is facing minor support at 1.1360. On the downside break below 1.1360 will target 1.1315/1.1280.
The break of major resistance 1.1401 would extend gain to 1.14655 (Nov 5th high).
Recommendation: Sell USD/CAD around 1.1370, SL 1.1401, Target 1.1285.
