Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 1.822
Kijun-Sen- 1.40366
USDCAD lost more than 80 pips from high 1.40642 made yesterday. The broad-based US dollar selling and slight strength in Crude oil prices are supporting the Canadian dollar. It hits an intraday low of 1.39750 and is currently trading around 1.39766.
WTI crude oil jumped more than 6% as Saudi pledges to cut more in June and any break above $26.70 confirms bullish continuation.
Technically, major support stands at 1.3900, and any violation below targets 1.3850/1.3800/1.3760. The near term resistance is at 1.4000, an indicative break above will take the pair to next level till
1.40650 (200-4H MA)/1.41065. Trend continuation can happen only above 1.4170.
It is good to sell on rallies around 1.3995-98 with SL around 1.4035 for the TP of 1.3905.
