Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.31928
Kijun-Sen- 1.31699
USDCAD continues to trade higher for the past three days and jumped more than 100 pips from a low of 1.3080. The surge was mainly due to weakness in Canadian and declining crude oil prices. The US new home sales fell by 3.5% to 959000 million units. It hits an intraday low of 1.31239 and currently trading around 1.31370.
WTI crude oil is trading well $40 on rising Coronavirus case will reduce the demand. Any violation below $38 targets $.
Technically, the pair faces near term resistance at 1.3265. Any violation above targets 1.3330/1.3350. The near term support is around 1.3180; an indicative break below will take to the next level till 1.3160/1.3100
It is good to buy on dips around 1.32000 with SL around 1.31600 for the TP of 1.3300.
