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Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.27637
Kijun-Sen- 1.27855
USDCAD declined after hitting a high of 1.28350 on surging crude oil prices. The Canadian dollar was one of the best performers in the past 10 months on broad-based US dollar selling. The surge in new coronavirus cases and rising yield is supporting the US dollar at lower levels. USDCAD hits an intraday low of 1.27359 and currently trading around 1.27564.
WTI crude oil hits a fresh multiyear high of $52.75. Any violation above $53 confirms bullish continuation, a jump till $55 likely.
Technically, the pair faces near term resistance at 1.2835. Any indicative break above will take till 1.2865/1.2900. The near term support is around 1.2730; an indicative violation below will take to the next level till 1.22690/1.2630.
It is a good buy on dips around 1.2728-30 with SL around 1.2690 for TP of 1.2835.
