Ichimoku Analysis (8- hour chart)
Tenken-Sen- 1.39345
Kijun-Sen- 1.39806
USDCAD is one3 of the worst performer for the day and lost more than 150 pips on broad-based US selling. The easing of lockdown, coronavirus vaccine optimism is putting pressure on Safe-haven demand like yen, U.S dollar. The crude oil price continues to trade higher and holding well above $30. The commodity surged sharply more than $25 till $34.64 in the past 1-month.
Technically, significant support stands at 1.3800 and any violation below targets 1.37500/1.3680. The near term resistance is at 1.3850 (support turned into resistance), an indicative break above will take the pair to the next level till 1.3890/1.3950.
It is good to sell on rallies around 1.3850 with SL around 1.3900 for the TP of 1.3700.
