Ichimoku Analysis (4-hour chart)
Tenken-Sen- 1.43075
Kijun-Sen- 1.42260
USDCAD showed a nice recovery of more than 200 pips on weak Crude oil prices. WTI crude oil has gone below $20 and hits the lowest level in 18 years. The decline was mainly due to coronavirus which might decrease the demand for oil.
Technically, near term support is around 1.39200 and any violation below will drag the pair down till 1.3800/1.3765.
The immediate resistance is around 1.4180 and indicative break above targets 1.4245/1.4270.
It is good to buy on dips around 1.4065-68 with SL around 1.400 for the TP of 1.42750.
