Ichimoku analysis (4-Hour Chart)
Tenken-Sen- 1.27272
Kijun-Sen- 1.27121
USDCAD hits a fresh year low after Bank of Canada's monetary policy. It has kept its rates unchanged and promised to keep on hold until the inflation target is achieved. Canadian CPI slows down to -0.2% compared to a forecast of 0.1%. USDCAD hits an intraday low of 1.26091 and currently trading around 1.26352.
WTI crude oil has formed a triple top around $53.85-90. Any violation above $54 confirms bullish continuation, a jump till $56 likely.
Technically, the pair faces near term resistance at 1.26520. Any indicative break above will take till 1.2720/1.2765. The near term support is around 1.2600; an indicative violation below will take to the next level till 1.2520/1.2500.
It is a good sell on rallies around 1.2648-50 with SL around 1.2700 for a TP of 1.2525.
