Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USDCAD Daily Outlook

Ichimoku analysis (4-Hour Chart)

 

Tenken-Sen- 1.27272

 

Kijun-Sen- 1.27121

 

USDCAD hits a fresh year low after Bank of Canada's monetary policy.  It has kept its rates unchanged and promised to keep on hold until the inflation target is achieved. Canadian CPI slows down to -0.2% compared to a forecast of 0.1%. USDCAD hits an intraday low of 1.26091 and currently trading around 1.26352.

 

WTI crude oil has formed a triple top around $53.85-90. Any violation above $54 confirms bullish continuation, a jump till $56 likely.

 

Technically, the pair faces near term resistance at 1.26520. Any indicative break above will take till 1.2720/1.2765. The near term support is around 1.2600; an indicative violation below will take to the next level till 1.2520/1.2500.

 

It is a good sell on rallies around 1.2648-50 with SL around 1.2700 for a TP of 1.2525.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.