Ichimoku analysis (Daily Chart)
Tenken-Sen- 1.30638
Kijun-Sen- 1.30681
USDCAD continues to trade weak after a minor consolidation. The better-than-expected retail sales and surging oil prices are supporting the Canadian dollar. The COVID-19 vaccine optimism offsets surge in the number of coronavirus cases.DXY is facing strong support at 92, any close below targets 91. Loonie hits an intraday high of 1.30455 and currently trading around 1.30529.
WTI crude oil hits a 2-1/2 month high on upbeat market sentiment. Any break above $43.75 confirms bullish continuation.
Technically, the pair faces near term resistance at 1.3080. Any violation above targets 1.3125/1.3170/1.3200. The near term support is around 1.3030; an indicative break below will take to the next level till 1.3000/1.2925.
It is good to sell on rallies around 1.3078-80 with SL around 1.3125 for the TP of 1.3000.
