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FxWirePro- USDCAD Daily Outlook

Ichimoku analysis (4-hour chart)

 

 Tenken-Sen- 1.26505

 

Kijun-Sen- 1.26947

 

The pair has halted its one week of the bearish trend and shown a minor pullback. Loonie was one of the worst performers in the past four days on surging oil prices. It hits a high of 1.28965 and declined to 1.2590. The minor bullish trend in the US  treasury yield is supporting the US dollar at lower levels.  The short-term trend remains bullish as long as support 1.25950 holds.

 

Crude oil price-

Brent crude oil jumped above $80 for the first time since 2018  account of the energy crisis in Europe Any breach below $81 confirms the bullish continuation.

 

 Intraday Trend –Bullish

 

The near-term resistance is around 1.2720, a breach above targets 1.2760/1.2800/1.2845. On the lower side, immediate support stands around 1.26000; violation below will take the pair down to the next level 1.2565/1.2500.

 

It is good to buy on dips around 1.2648-50 with SL around 1.25980 for a TP of 1.2800.

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