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.
