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FxWirePro: USDCAD Daily Outlook

Ichimoku analysis (Hourly Chart)

 

Tenken-Sen- 1.31928

 

Kijun-Sen- 1.31699

 

USDCAD continues to trade higher for the past three days and jumped more than 100 pips from a low of 1.3080. The surge was mainly due to weakness in Canadian and declining crude oil prices. The US new home sales fell by 3.5% to 959000 million units. It hits an intraday low of 1.31239 and currently trading around 1.31370.

 

WTI crude oil is trading well $40 on rising Coronavirus case will reduce the demand. Any violation below $38 targets $.

 

Technically, the pair faces near term resistance at 1.3265. Any violation above targets 1.3330/1.3350. The near term support is around 1.3180; an indicative break below will take to the next level till 1.3160/1.3100

 

It is good to buy on dips around 1.32000 with SL around 1.31600 for the TP of 1.3300.

 

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