Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.35412
Kijun-Sen- 1.35580
USDCAD recovered more than 50 pips on broad-based US dollar buying. The demand for the US dollar increased after the news that the US to impose tariffs up to $3.1 billion on EU and UK products. The pair hits an intraday high of 1.35935 and is currently trading around 1.35932.
WTI Crude oil continues to trade lower after US EIA reported an increase of 1.4 million for the week of Jun 19th, 2020 compared to forecast of 1.2 million. A dip till $37.25/$36.40 is likely.
Technically, significant support stands at 1.3540 and any violation below targets 1.3500/1.34800/1.3455 (61.8% fib). The near term resistance is at 1.3600, an indicative break beyond will take the pair to the next level till 1.3690. Significant buying only above 1.36900.
It is good to buy above 1.3600 with SL around 1.3550 for the TP of 1.3690.
