Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.36389
Kijun-Sen- 1.35780
USDCAD recovered more than 200 pips on broad-based US dollar buying. The demand for the US dollar increased after Florida imposed restrictions due to a surge in Coronavirus cases. The US University of Michigan consumer sentiment index edged higher to 78.1 (June) vs expectations of 79. The pair hits an intraday high of 1.37155 and is currently trading around 1.3141.
WTI Crude oil is trading weak after the number of new cases increased by 7.8% in Florida. A dip till $37.25/$36.40 is likely.
Technically, significant support stands at 1.3630, and any violation below targets 1.3580/1.35400/1.34808/1.3450 (61.8% fib). The near term resistance is at 1.3720, an indicative break beyond will take the pair to the next level till 1.3780/1.3830.
It is good to buy on dips around 1.3688-90 with SL around 1.3630 for the TP of 1.3800.
