FxWirePro: USDCAD Daily Outlook

Ichimoku analysis (Daily Chart)

Tenken-Sen- 1.29839

Kijun-Sen- 1.30170

USDCAD has halted its three weeks of the bearish trend and jumped more than 50 pips on short covering. The better than expected Canadian jobs data and upbeat market sentiment is supporting Canadian dollar prices. The number of new jobs added in Canada has slightly declined to 62000 compared to the forecast of 22K, the unemployment rate declined to 8.5% vs 9%.  DXY recovered more than 50 pips after hitting a 32 month low. Loonie hits an intraday low of 1.28329 and currently trading around 1.28022.

WTI crude oil is consolidating after a massive rally, any violation above $46.65 confirms bullish continuation.

Technically, the pair faces near term resistance at 1.2865. Any indicative break above targets 1.2900/1.2940/1.300. The near term support is around 1.2780; an indicative break below will take to the next level till 1.2750/1.2725.

It is good to sell on rallies around 1.2858-60 with SL around 1.2900 for the TP of 1.2755.