Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.27253
Kijun-Sen- 1.27449
USDCAD declined more than 50 pips after a minor recovery till 1.27897 on broad-based US dollar selling. US Fed has maintained its rates unchanged and voted to continue the monthly bond purchase of $120 billion until economic seen. Canadian CPI came at 1% in November compared to the forecast of 0.7%. Loonie hits an intraday low of 1.27505 and currently trading around 1.27040.
WTI crude oil has broken significant resistance at $48.50 on positive global sentiment. A jump till $50 likely.
Technically, the pair faces near term resistance at 1.2800. Any indicative break above will take till 1.2830/1.2865/1.2900/1.2940/1.300. The near term support is around 1.270; an indicative break below will take to the next level till 1.2660/1.2600.
It is good to sell on rallies around 1.2758-60 with SL around 1.2800 for the TP of 1.2660.
