FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: USDCAD forms double bottom near 1.3730, jump till 1.3850 likely
Ichimoku analysis (4-hour chart)
USDCAD formed a notable bottom at 1.37276 and shown a nice recovery till 1.38220. The sellers got exhausted and struggled to break beneath low made yesterday. This shows that a minor jump is to happen in this pair. It is currently trading around 1.37818.
WTI Crude oil continues to trade lower and lost more 10% from temporary top $34.78. The decline was mainly due to renewed trade tensions between the US and China.
Technically, significant support stands at 1.3720, and any violation below targets 1.3680/1.3600. The near term resistance is at 1.3850 (support turned into resistance), an indicative break beyond will take the pair to the next level till 1.3890/1.3950.
It is good to buy on dips around 1.3780 with SL around 1.3720 for the TP of 1.4000.