Ichimoku Analysis (Daily chart)
Tenken-Sen- 79.34
Kijun-Sen- 78.43
CADJPY is trading higher for the preceding 10 trading days on a strong Canadian dollar. USDCAD is one of the worst performers in the earlier 1- month and lost more than 5% on strong oil and broad-based US dollar selling. The WTI crude oil surged more than 25% in the past 1- week on hopes of a rise in demand due to easing of lockdown.
On the higher side, immediate resistance is around 82 and any violation above will take the pair to the next level till 82.40/83/83.48 (88.6% fib).
The near-term support is around 80.49 (200-day MA), an indicative break below targets 79.85 (200-day EMA)/78.85.
It is good to buy on dips around 80.50-55 with SL around 79.85 for the TP of 83/83.48.
