Ichimoku Analysis (Hourly chart)
Tenken-Sen- 76.46
Kijun-Sen- 76.28
CADJPY has halted its 3 weeks of the bearish trend and shown a minor recovery of more than 350 pips. The Canadian dollar was one the worst performer this year especially against USD and lost more than 1000 pips due to weak crude oil prices. WTI crude oil shown a massive sell-off of more than 50% from a recent high and hits 4 years low on price war and coronavirus.
Technically, pair is facing strong resistance is around 77.70 and any violation above will take the pair to the next level till 78.55/79.30/80.
The immediate support is at 76.25, an indicative break below targets 75.75/75.31/74.67.
It is good to buy on dips around 76.70-75 with SL around 76.25 for the TP of 78.55.
