Ichimoku analysis (Daily Chart)
Tenken-Sen- 1.28475
Kijun-Sen- 1.28225
USDCAD recovered sharply above 1.2900 levels on broad-based US dollar buying. The spread of new stain Coronavirus, especially in the UK has increased demand for safe-haven assets like the US dollar. The lockdown in London and the cancellation of airlines of flights to the UK is putting pressure on global market sentiment. Loonie hits an intraday high of 1.29570 and currently trading around 1.28672.
WTI crude oil declined more than $3 from a 10-month high of $49.27 on a major sell-off in global markets.
Technically, the pair faces near term resistance at 1.2900. Any indicative break above will take till 1.2965/1.300. The near term support is around 1.2840; an indicative violation below will take to the next level till 1.2800/1.27650.
It is a good sell on rallies around 1.2918-20 with SL around 1.2960 for TP of 1.2800.
