Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.27140
Kijun-Sen- 1.27480
USDCAD declined more than 100 pips after hitting a high of 1.28350 on broad-based US dollar buying. The rising yield and surge in coronavirus cases. U.S treasury yield surged higher more than 200% and hits a high of 1.18%. USDCAD hits an intraday low of 1.27035 and currently trading around 1.27245.
WTI crude oil hits a fresh 10-month high of $53.89 on shrinking US supplies. Any violation above $54 confirms bullish continuation, a jump till $55/$57 likely.
Technically, the pair faces near term resistance at 1.2780. Any indicative break above will take till 1.2835/1.2865/1.2900. The near term support is around 1.2700; an indicative violation below will take to the next level till 1.2660/1.2630.
It is a good buy on dips around 1.2728-30 with SL around 1.2690 for TP of 1.2835.
