Ichimoku analysis (4-Hour Chart)
Tenken-Sen- 1.21669
Kijun-Sen- 1.21369
USDCAD is one of the best performers this month and jumped nearly 200 pips on board-based US dollar buying. The Canadian dollar was trading higher against from Mar 19th due to a surge in crude oil prices. Markets eye US Fed monetary policy and Canadian CPI data for further direction. The short-term trend is bullish as long as support 1.2050 holds. Loonie hits an intraday high of 1.21893 and is currently trading around 1.21872.
WTI crude oil is holding above $72, the highest level since Oct 2018 on upbeat market sentiment. The short-term trend is bullish as long as support $68 holds.
Technically, the pair faces near-term resistance at 1.2205. Any indicative break above will take till 1.22420/1.2300/1.23525. The significant support is around 1.2120. Any violation below will take to the next level to 1.2070/1.2050/1.2000.
Indicator (4-hour chart)
RSI – Bullish
D4irectional movement index –Buying
It is good to buy on dips around 1.2170-725 with SL around 1.2120 for a TP of 1.2290.
