FxWirePro: USDCAD struggles to close above 1.3300, dip till 1.3230 likely

Ichimoku Analysis (hourly chart)

Kijun-Sen- 1.32804

Tenken-Sen- 1.32897

USDCAD has halted 2-week of the bullish trend and lost more than 50 pips. The pair jumped more than 250 pips on broad-based US dollar buying and weakness in crude oil prices. The spread of coronavirus impacted the Canadian dollar a lot, as the economy depends much on exports. It has formed a minor top around 1.33265 and is currently trading around 1.32727.

WTI crude has lost more than $4 previous due to the outbreak of coronavirus. It hits low of  $49.40 and is currently trading around $50.88.

Technically, near term support is around 1.3260 and any violation below will drag the pair till 1.3230/1.3180.

The immediate resistance is at 1.3320 and any indicative break above targets 1.3385. The decline from 1.36620 will end at 1.29672 only if it breaks above 1.3385.

It is good to sell on rallies around 1.3278-80 with SL around 1.3385 for the TP of 1.3180.