FxWirePro: USDCAD hits 1-week low, dip till 1.3920 likely
Ichimoku Analysis (4-hour chart)
USDCAD continues to trade lower and hits 1-week low at 1.39635. The decline was mainly due to broad-based US dollar selling. DXY formed a minor top around 100.93 and lost more than 100 pips as several new cases due to coronavirus slightly eased in the U.S, Spain, and Germany.
WTI crude oil struggles to break high of $29.11 made on Apr3rd as investor awaits clarity in production cut to be made by OPEC in meeting on Thursday.
On the flip side, immediate support is at 1.3920 and the violation below will drag the pair down till 1.3890/1.3440.
The near-term resistance is around 1.4050 and indicative break above targets 1.4090/1.4135.
It is good to sell on rallies around 1.401-15 with SL around 1.4050 for the TP of 1.3920/1.3890.