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Ichimoku analysis (4-Hour Chart)
Tenken-Sen- 1.20943
Kijun-Sen- 1.20884
USDCAD surged sharply after the Bank of Canada policy. The Bank of Canada has kept its rates unchanged at 0.25%. The central bank said that it would continue to buy assets worth $2.5 billion a week. they will decrease the pace once the economy recovers. The overall trend is still bearish as long as resistance 1.21500 holds. The surge in global commodity prices is supporting the Canadian dollar. Loonie hits an intraday high of 1.21038 and is currently trading around 1.20954.
WTI crude oil hits fresh all-time high on decreasing coronavirus cases and optimistic economic outlook. The short-term trend is bullish as long as support $65 holds.
Technically, the pair faces near-term resistance at 1.21500. Any indicative break above will take till 1.2205. Minor trend continuation only above 1.2205. The significant support is around 1.2000. Any violation below will take to the next level to 1.1970/1.1950.
Indicator (4-hour chart)
RSI – Neutral
D4irectional movement index –Neutral
It is good to buy on dips around 1.2090 with SL around 1.2048 for a TP of 1.2205.
