Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.32985
Kijun-Sen- 1.33111
USDCAD has halted its four days of the bullish trend and lost more than 120 pips on profit booking. The pair's upside capped by 200- day EMA and significant buying only above 1.3400. US ISM manufacturing jumped to 59.3 in October, better than the estimate 55.6. The IHS Markit Canadian manufacturing PMI came to 55.5 vs the previous month 56. It hits an intraday low of 1.32519 and currently trading around 1.32713.
WTI crude oil recovered more than $2.5 on short covering. Short term trend is bearish as long as resistance $40 holds.
Technically, the pair faces near term resistance at 1.3300. Any violation above targets 1.3350/1.3400. The near term support is around 1.3250; an indicative break below will take to the next level till 1.3200/1.3160
It is good to sell on rallies around 1.3300 with SL around 1.3350 for the TP of 1.3205.
