Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.29947
Kijun-Sen- 1.30009
USDCAD continues to trade lower and hits a two-week low on broad based US dollar selling. The upbeat market sentiment due to the COVID-19 vaccine is supporting the Canadian dollar. WTI crude oil price jumped more than 27% in November in hopes of an increase in demand. DXY is trading below 92 levels, any violation below 91.74 targets 91. Loonie hits an intraday low of 1.29762 and currently trading around 1.29798.
WTI crude oil gave back some of their gains made this week. Any break above $46.25 confirms a further jump. A jump till 48.80 likely.
Technically, the pair faces near term resistance at 1.3030. Any violation above targets 1.3050/1.3100. The near term support is around 1.2980; an indicative break below will take to the next level till 1.29258.
It is good to sell on rallies around 1.3000 with SL around 1.3030 for the TP of 1.2925
