FxWirePro- USDCAD Daily Outlook
Ichimoku analysis (4-hour chart)
The pair declined sharply after the hawkish Bank of Canada monetary policy. The central bank has kept its rates unchanged and ended its quantitative easing. It has moved up its timeline to the "middle quarters of 2022". It hits an intraday low of 1.23010 and is currently trading around 1.23381. The short-term trend remains bearish as long as resistance 1.2500 holds.
Crude oil price-
WTI crude oil is trading weak after hitting a multi-year high at $85.35. Any breach below $82 confirms the intraday bearishness.
Intraday Trend –Bearish
The near-term resistance is around 1.2380, a breach above targets 1.2435/1.2480/1.2500.On the lower side, immediate support stands around 1.23000; violation below will take the pair down to the next level 1.2280/1.22238.
It is good to sell on rallies around 1.2380-85 with SL around 1.2435 for a TP of 1.2280.