Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.34581
Kijun-Sen- 1.35001
USDCAD continues to trade weak after a minor jump till 1.3400. The pair is trading weak for the past one month and lost more than 300 pips on broad-based US dollar selling and the bullish crude oil prices. US republicans Corona relief package that include onetime payment of $1200 for individuals and $2400 for families. The pair hits an intraday low of 1.34038 and is currently trading around 1.33557.
WTI Crude oil declined slightly till $40.84 on weak US economic data. It hits a high of $42.45 and is currently trading around $40.98.
Technically, the pair is facing strong support at 1.3315. A break below targets 1.3260/1.3230. The near term resistance is at 1.340, an indicative break beyond will take the pair to the next level till 1.3460/1.3500.
It is good to sell on rallies around 1.3368-70 with SL around 1.3400 for the TP of 1.3265.
