Ichimoku Analysis (4-hour chart)
Tenken-Sen- 1.410974
Kijun-Sen- 1.41879
USDCAD showed a nice recovery of more than 100 pips for the day. The jump was mainly due to sell-off in crude oil prices. WTI crude was trading weak for the 5th consecutive week and lost more than 60%. It hits a low of $19.29 lowest level in 18 years.
Technically, near term support is around 1.4160 and any violation below will drag the pair down till 1.411/1.4050.
The immediate resistance is around 1.4290 and indicative break above targets 1.4380/1.4430.
It is good to buy on dips around 1.4065-68 with SL around 1.400 for the TP of 1.42750.
