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Ichimoku analysis (4-Hour Chart)
Tenken-Sen- 1.25673
Kijun-Sen- 1.25599
USDCAD rebounded sharply despite weakness in the US dollar. The concern of the third wave of coronavirus in Canada is putting pressure on the Canadian dollar. The slight weakness in US bond yield might prevent USDCAD from further upside. Markets eye US FOMC meeting minutes and Canada Ivey PMI for further direction.
WTI crude oil is trading well below $60 as the third wave of coronavirus will decrease the demand for crude oil. The short-term trend is bearish as long as resistance $62 holds.
Technically, the pair faces near-term resistance at 1.2660. Any indicative break above will take till 1.2700/1.2745. The significant support is around 1.2560; an indicative violation below will take to the 1.2530/1.2500/1.2460.
Indicator (4-hour chart)
CAM indicator – Bullish
Directional movement index –Bullish
It is good to buy on dips around 1.2570 with SL around 1.2530 for a TP of 1.2700.
