Ichimoku analysis (Daily Chart)
Tenken-Sen- 1.31494
Kijun-Sen- 1.31591
USDCAD is trading higher for the fourth consecutive days and jumped more than 250 pips on broad-based US dollar buying. US PPI came at 0.3% in Oct compared to September's 0.4%. DXY is facing strong resistance at 21-day MA at 93.20, any violation above targets 94. Loonie hits an intraday high of 1.31726 and currently trading around 1.31649.
WTI crude oil lost more than 2.5% on increasing the Coronavirus case. Short term trend is bullish as long as support $40 holds.
Technically, the pair faces near term resistance at 1.3200. Any violation above targets 1.326/1.3300. The near term support is around 1.3115; an indicative break below will take to the next level till 1.30778/1.3050.
It is good to buy on dips around 1.3140 with SL around 1.3098 for the TP of 1.330.
