Ichimoku analysis (Daily Chart)
Tenken-Sen- 1.29865
Kijun-Sen- 1.30330
USDCAD has recovered slightly after forming a bottom around 1.2760. The Bank of Canada has kept its rates unchanged at 0.25% as expected and said that it would continue its QE. The Central bank reiterated that low rates will prevail until 2023. DXY is holding above 91 levels and any violation above 91.20 targets 91.50. Loonie hits an intraday low of 1.28293 and currently trading around 1.28035.
WTI crude oil has lost more than $1 after a massive inventory build, According to EIA reports. Any violation above $46.65 confirms bullish continuation.
Technically, the pair faces near term resistance at 1.2830. Any indicative break above targets 1.2865/1.2900/1.2940/1.300. The near term support is around 1.2760; an indicative break below will take to the next level till 1.2725/1.2700.
It is good to sell on rallies around 1.2805-08 with SL around 1.2840 for the TP of 1.2725.
