Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 1.40016
Kijun-Sen- 1.40626
USDCAD has once again declined after showing a minor jump to 1.4000 levels. The pair's decline is supported by a strong recovery in crude oil prices. WTI crude oil price jumped more than 40% from low of $10.21 and is currently trading around $14.33. US dollar index also trading weak below 100 level, any break below 99.50 confirms further weakness.
Technically, near term resistance is around 1.4010 and any violation above will take the pair to next level till 1.40550/1.41000. Minor bullishness only if it breaks 1.4120.
The immediate support is at 1.3925, any indicative break beyond targets 1.3850. Major bearish continuation happens only below 1.38500.
It is good to sell on rallies around 1.4000 with SL around 1.4040 for the TP of 1.3850.
