Ichimoku Analysis (Hourly chart)
Tenken-Sen- 1.3360
Kijun-Sen- 1.33500
USDCAD lost more than 150 pips after hitting an 8-month high at 1.34650. The overall trend is still bullish as long as support 1.3300 holds. US Central bank cuts rates by 50 bps emergency, the first time since 2008. The members declared "the fundamentals of the US economy remains strong" but downside risks due to coronavirus.
Technically, the pair is facing strong resistance at 1.3400 and any violation above will take the pair to next level till 1.3465.
On the flip side, near term support at 1.3300 and indicative break below targets 1.3260/1.3230.
It is good to buy on dips around 1.3300 with SL around 1.3260 for the TP of 1.3435.
