Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.27379
Kijun-Sen- 1.27492
USDCAD has started to decline after a minor jump till 1.2797 on strong crude oil prices. The slight weakness in the US dollar on upbeat market sentiment. Markets eye Georgia elections result which will determine control of the senate. US ISM manufacturing PMI in December came at 60.7 compared to 56.60. USDCAD hits an intraday high of 1.27092 and currently trading around 1.27123.
WTI crude oil surged more than 5% after hitting a low of $47.16. Any violation above $51.20 confirms bullish continuation.
Technically, the pair faces near term resistance at 1.2810. Any indicative break above will take till 1.283/1.2865. 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 sell on rallies around 1.2758-60 with SL around 1.2800 for TP of 1.2650.
