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FxWirePro- USDCAD Daily Outlook
Ichimoku analysis (4 Hour Chart)
USDCAD recovered more than 100 pips from a low of 1.25755 on broad-based US dollar buying. The surge in US bond yield is supporting the US dollar at lower levels. DXY is holding well above 91.650, a jump till 92.85 likely. The number of people who have filed for unemployment benefits rose to 745000 for the week ended Feb 27th compared to a forecast of 758K. Markets eye US Non-Farm payroll data for further direction. USDCAD hits an intraday high of 1.27077 and currently trading around 1.26986.
WTI crude oil hits multiyear oil on global economic recovery. According to EIA, crude inventories rose by 21.6 million barrels compared to an estimate of -1.3 million barrels. The overall trend is bullish as long as support $59.20 holds.
Technically, the pair faces near-term resistance at 1.2750. Any indicative break above will take till 1.2800/1.2835. The significant support is around 1.2680; an indicative violation below will take to the 1.2620/1.2570.
Indicator (4 Hour chart)
CAM indicator – Neutral
Directional movement index –Neutral
It is good to buy on dips around 1.2700 with SL around 1.2660 for a TP of 1.2800.