FxWirePro: Sell USDCAD on rallies

Ichimoku analysis (4 Hour chart)

Tenken-Sen- 1.31995

Kijun-Sen- 1.31895

USDCAD is trading lower after a minor jump till 1.32394 on strong crude oil and US and China trade optimism. The US durable goods order surged 11.2% in Jul compared to estimate of 4%.  It hits an intraday low of 1.31382 and currently trading around 1.31421.

WTI crude oil has broken major resistance $43.50 after US producers cut output ahead of Hurricane Laura. It jumped till $43.75 and is hovering around $43.51.

Technically, the pair faces near term support at 1.3130. Any violation below targets 1.3100/1.3035. The near term resistance is at 1.3200, an indicative break beyond will take to the next level till 1.3245/1.3330.

It is good to sell on rallies around 1.3158-60 with SL around 1.3210 for the TP of 1.3035.