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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.27716
Kijun-Sen- 1.27409
The pair continues to trade higher after a minor decline in crude oil weakness. The spread of the new variant Omicron has dragged commodity currencies such as the Australian and Canadian dollar. The HIS Markit manufacturing PMI declined in November to 57.2 vs a forecast of 57.4. US dollar index is trading in a narrow range between 96.64 and 95.67 in the past two days. The decline in US treasury yield is preventing the loonie from further upside. It hits a high of 1.28285 and is currently trading around 1.27925. The intraday trend remains bullish as long as support 1.2700 holds.
Crude oil price-
WTI crude oil crashed on Omicron virus fears, the highest monthly decline in 20 months. The comment about vaccine effectiveness from Moderna CEO also dragged oil prices down. Any breach below $64 confirms the bearish trend.
Intraday Trend –Bullish
The near-term resistance is around 1.2850, a breach above targets 1.2900/1.2960/1.3000.On the lower side, immediate support stands around 1.2720; violation below will take the pair down to the next level 1.2680/1.2640/1.2600.
It is good to buy on dips around 1.2750 with SL around 1.2700 for a TP of 1.2848.
