Ichimoku Analysis (Daily chart)
Tenken-Sen- 1.40197
Kijun-Sen- 1.40577
USDCAD has formed double bottom near 1.3860 and recovered more than 150 pips to 1.40354. The decline in crude oil prices and broad based US dollar buying. WTI crude oil lost more than $3 on profit booking after hitting high of $34.64. The commodity was trading in the higher for past 1-month and jumped more than $25.
Markets eye Canada Core retail sales for further direction. Technically, significant support stands at 1.3950, and any violation below targets 1.3920/1.3850. The near term resistance is at 1.40242 (100-day MA), an indicative break above will take the pair to next level till 1.4060/1.4100/1.4145.
It is good to buy on dips around 1.39985 with SL around 1.3950 for the TP of 1.4140.
