Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 1.3944
Kijun-Sen- 1.40366
USDCAD recovers more than 80 pips from intraday low of 1.39070 to 1.39894. The pair was one of the worst performers the previous week and lost more than 250 pips due to weak U.S jobs data. US economy lost nearly 20 .5 million jobs in Apr vs forecast of -22 million and the unemployment rate at 14.7%, the highest level since the 1930s. While Canada jobs data came slightly better than estimate with job loss 1993.8K vs forecast of -4000K and the unemployment rate at 13 % compared to 18%.
Technically, major support stands at 1.38500, and any violation below targets 1.3800/1.3760. The near term resistance is at 1.4000, an indicative break above will take the pair to next level till
1.4060/1.41065. Trend continuation can happen only above 1.4170.
It is good to buy on dips around 1.3948-50 with SL around 1.3900 for the TP of 1.4100.
