Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.32008
Kijun-Sen- 1.32140
USDCAD declined sharply and lost more than 80 pips despite weak Canadian manufacturing sales. It came at -2.0% in August compared to forecast of 1.4%. The hopes of COVID-19 vaccine has increased after Pfizer CEO said that it could apply for emergency use of coronavirus vaccine in Nov. the US rerail sales rose 1.9% m/m vs estimate of 0.7%. It hits an intraday low of 1.31778 and currently trading around 1.31842.
WTI crude oil is trading higher and jumped more than $1.5 on positive global cues. Any violation above $41.50 targets $43/$43.75.
Technically, the pair faces near term resistance at 1.3190. Any violation above targets 1.3235/1.3260 1.3278/1.3260. The near term support is around 1.3100, an indicative break below will take to the next level till 1.30440/1.3000.
It is good to sell on rallies around 1.3188-90 with SL around 1.3250 for the TP of 1.3050.
