FxWirePro: USDCAD Daily Outlook

Ichimoku analysis (Hourly Chart)

Tenken-Sen- 1.32047

Kijun-Sen- 1.32047

USDCAD continues to trade lower for the past ten days and lost more than six days on broad based US dollar selling. The demand for global riskier assets has increased sharply due to the blue wave in United States DXY has shown a minor recovery after hitting a low of 92.18. The overall trend is still weak as long as resistance 93 holds. Loonie hits an intraday low of 1.29551 and currently trading around 1.29551.

WTI crude oil recovered more than $3.5 for the day on positive global cues. Short term trend is bullish as long as support $37 holds.

Technically, the pair faces near term resistance at 1.3000. Any violation above targets 1.30525/1.3100. The near term support is around 1.2925; an indicative break below will take to the next level till 1.2880/1.2850.

It is good to sell on rallies around 1.3000 with SL around 1.3050 for the TP of 1.2900.