FxWirePro- USDCAD Daily Outlook 

Ichimoku analysis (Hourly Chart)
 
Tenken-Sen- 1.25073
 
Kijun-Sen- 1.25107
 
USDCAD is trading higher after a minor decline till 1.24734 on the decline in crude oil price. The surge in US bond yield and increase in coronavirus cases is supporting the US dollar at lower levels. The US long-term bond yield jumped more than 13% and hits the highest level since Jul 2019. DXY is consolidating in a narrow range between 91.30 and 92.16 in the past three days.
 WTI crude oil declined sharply more than 10% on Friday due to lockdown in European countries and delay in vaccine rollout. The overall trend is bearish as long as resistance $67 holds.
 
Technically, the pair faces near-term resistance at 1.2550. Any indicative break above will take till 1.2570/1.2625. The significant support is around 1.2460; an indicative violation below will take to the 1.2430/1.2360.
 
Indicator (1 Hour chart)
 
CAM indicator – Bullish
Directional movement index –Bullish
 
It is good to buy on dips around 1.2500 with SL around 1.24600 for a TP of 1.2660.