Ichimoku analysis (1 Hour chart)
Tenken-Sen- 1.32508
Kijun-Sen- 1.32388
USDCAD has recovered more than 50 pips after better than upbeat US retail sales data. It rose for 3rd straight month with Core sales at 1.9% compared to a forecast of 1.2%. It hits an intraday low of 1.32063 and currently trading around 1.32487.
WTI crude oil has formed a double top around $43 and started to decline from that level. Any break below $41.50 confirms bearish continuation and a dip till $40.50/$39 likely.
Technically, the pair faces near term support at 1.3190. Any violation below targets 1.3160/1.3100. The near term resistance is at 1.32750, an indicative break beyond will take to the next level till 1.3335/1.3380.
It is good to buy on dips around 1.3235-38 with SL around 1.3200 for the TP of 1.3350.
