Ichimoku analysis (Daily Chart)
Tenken-Sen- 1.27608
Kijun-Sen- 1.29303
USDCAD is trading higher despite strong Canadian retail sales. It has increased for the second consecutive month after a dismal performance due to the pandemic. The retail sales rose by 0.4% in Oct slightly better than the forecast of 0.2% but below previous month 1.9%. Markets eye US stimulus news for further direction. Loonie hits an intraday high of 1.27750 and currently trading around 1.27643.
WTI crude oil breaks a 9-month high of $48.60 and jumped to $49.01 on upbeat global sentiment. A jump till $50 likely.
Technically, the pair faces near term resistance at 1.2780. Any indicative break above will take till 1.2830/1.2865/1.2900/1.2940/1.300. The near term support is around 1.2730; an indicative break below will take to the next level till 1.2660/1.2600.
It is good to buy on dips around 1.27625-650 with SL around 1.2720 for TP of 1.2865
