Ichimoku analysis (1-hourly chart)
Tenken-Sen- 1.30367
Kijun-Sen- 1.30118
USDCAD has formed a minor bottom around 1.29518 and jumped nearly 90 pips. The jump was due to a steep fall in crude oil on easing US-Iran tensions and rising US inventories. WTI crude lost nearly 10% from yesterday's high of $65.62. US EIA reported inventories rose unexpectedly by 1.2 million barrels in the week ended Jan 3 rd to 43.1 million vs forecast of 3.6 million-barrel drop.
The pair is trading slightly over 23.6% fib around 1.30477, a minor jump till 1.30850/1.31275 is possible.
On the flip side, near-term support is around 1.3020 and any indicative break under will drag the pair down till 1.3000/1.29500.
It is good to buy on dips around 1.3040 with SL around 1.3018 for the TP of 1.3120.
