Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro- USDCAD Daily Outlook

Ichimoku analysis (4-hour chart)

 

 Tenken-Sen- 1.25822

 

Kijun-Sen- 1.25584

 

The pair surged more than 50 pips after Canadian CPI data. The annual inflation came at 4.7% line with expectations, up from Sep 4.4%. This has decreased the chance of rate hikes by the Bank of Canada. It hits a high of 1.26241 and is currently trading around 1.26106. The short-term trend remains bullish as long as support 1.2480 holds.

 

Crude oil price-

WTI crude oil is trading weak for a third consecutive week on a strong US dollar. Any breach below $76.35 confirms the bearish trend.

 

 Intraday Trend –Bearish 

 

The near-term resistance is around 1.2660, a breach above targets 1.2705/1.2760/1.2800.On the lower side, immediate support stands around 1.2580; violation below will take the pair down to the next level 1.2540/1.2480.

 

It is good to buy on dips around 1.2578-80 with SL around 1.2530 for a TP of 1.2800.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.