Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 1.39983
Kijun-Sen- 1.40229
USDCAD is trading lower for 3rd consecutive day and lost more than 200 pips on the strong crude oil price. Oil rose is trading higher for 4th week and jumped more than 100%. The easing of lockdown and decline in US shale production. According to EIA, shale production is expected to dip to 7.822 million bpd from
8.019 million bpd.
Technically, significant intraday support stands at 1.3850, and any violation below targets 1.3800/1.3760. The near term resistance is at 1.3960, an indicative break above will take the pair to next level till 1.4000/1.4060.
It is good to sell on rallies around 1.3928-30 with SL around 1.3975 for the TP of 1.3800.
