Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.31618
Kijun-Sen- 1.31918
USDCAD is trading weak for the second consecutive days and lost more than 250 pips. The rise in investor sentiment and a surge in crude oil supporting the Canadian dollar. Markets eye US election results for further direction. It hits an intraday low of 1.31039 and currently trading around 1.3140.
WTI crude oil recovered more than 13% on an upbeat market mood. Short term trend is bearish as long as resistance $40 holds.
Technically, the pair faces near term resistance at 1.31620. Any violation above targets 1.3200/1.3265/1.3300.The near term support is around 1.3090; an indicative break below will take to the next level till 1.3050.
It is good to sell on rallies around 1.3178-80 with SL around 1.3240 for the TP of 1.3100.
