Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.27139
Kijun-Sen- 1.26998
USDCAD has shown a good recovery of more than 70 pips from a multi-year low of 1.26650. The slight pullback in the US dollar came after UK PM said Scotland will be under lockdown at midnight tonight. Tough measures to control the coronavirus in the UK will be announced soon. USDCAD hits an intraday high of 1.27389 and currently trading around 1.27338.
WTI crude oil lost more than 5% after hitting a high of $49.80. Any violation above $51.20 confirms bullish continuation.
Technically, the pair faces near term resistance at 1.2745. Any indicative break above will take till 1.277/1.280/1.283. The near term support is around 1.2690; an indicative violation below will take to the next level till 1.2660/1.2600.
It is a good buy on dips around 1.2730 with SL around 1.2690 for TP of 1.283.
