Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.26179
Kijun-Sen- 1.26235
The pair was one of the best performers in the past two days and surged more than 300 pips. The reasons for the jump are
- Strong US dollar
- Weakness in all major commodities as delta variant spread across the globe.
- WTI Crude oil price hits three week low.
USDCAD has broken significant resistance 1.28075 high made on Jul 19th, 2021. It has surged like a rocket till 1.29272 level. The overall trend remains bullish as long as support 1.26000 holds.
Trend –Bullish
The near-term resistance is around 1.2930, a breach above targets 1.3000/1.3040. On the lower side, immediate support stands around 1.2850; violation below will take the pair down to the next level 1.2800/1.2765.
It is good to buy on dips around 1.2850 with SL around 1.2800 for TP of 1.3000.
