Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1257
Kijun-Sen level: 1.1279
Ichimoku cloud top: 1.1311
Ichimoku cloud bottom: 1.1357
- USD/CAD made a low of 1.11896 and is slightly recovering from that level. Overall trend is bullish as long as support 1.1120 holds.
- The pair’s minor support is around 1.1180 and break below on the downside will target 1.1160/1.1120.
- USD/CAD short term resistance is around 1.1260 and any indicative break above would extend gain to 1.1370/1.1400 in the short term.Recommendation: Buy USD/CAD around 1.120, SL 1.1120, Target 1.1400.
The material has been provided by InstaForex Company – www.instaforex.com