Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.27421
Kijun-Sen- 1.27122
USDCAD is consolidating between 1.2797 and 1.2360 for the past five days. The Canadian economy has lost 63000 jobs in December, the first dip since Apr. US Nonfarm payroll came at -140K compared to a forecast of 60K, unemployment declined to 6.7% vs 6.8%. USDCAD hits an intraday low of 1.27412 and currently trading around 1.27527.
WTI crude oil declined from a multiyear high of $52.72. Any violation above $53 confirms bullish continuation, a jump till $55 likely.
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 buy on dips around 1.2728-30 with SL around 1.2690 for TP of 1.2835.
