Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.25822
Kijun-Sen- 1.25584
The pair surged more than 50 pips after Canadian CPI data. The annual inflation came at 4.7% line with expectations, up from Sep 4.4%. This has decreased the chance of rate hikes by the Bank of Canada. It hits a high of 1.26241 and is currently trading around 1.26106. The short-term trend remains bullish as long as support 1.2480 holds.
Crude oil price-
WTI crude oil is trading weak for a third consecutive week on a strong US dollar. Any breach below $76.35 confirms the bearish trend.
Intraday Trend –Bearish
The near-term resistance is around 1.2660, a breach above targets 1.2705/1.2760/1.2800.On the lower side, immediate support stands around 1.2580; violation below will take the pair down to the next level 1.2540/1.2480.
It is good to buy on dips around 1.2578-80 with SL around 1.2530 for a TP of 1.2800.
