Ichimoku analysis (Daily Chart)
Tenken-Sen- 1.31138
Kijun-Sen- 1.31591
USDCAD is trading slightly higher after one week of a bearish trend. The positive results from the COVID-19 vaccine trail boosted market sentiment. The US retails sales came at 0.3% for October slightly below the estimate of 0.5%. DXY is facing strong support at 92, any violation below targets 91. Loonie hits an intraday high of 1.31164 and currently trading around 1.30945.
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 1.3090; an indicative break below will take to the next level till 1.3050.
It is good to buy on dips around 1.3100 with SL around 1.3070 for the TP of 1.330.
