Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.35689
Kijun-Sen- 1.35953
USDCAD recovered more than 50 pips after weak Canadian retail sales data. It fell -26.4% to $34.5 billion in Apr compared to an estimate of -15.1%. The pair hits an intraday high of 1.35994 after the data and is currently trading around 1.35964.
WTI Crude oil has formed a double top around $40.50 and shown a minor selling. Any break below $39.70 confirms minor weakness. A dip till $38.80/$38.15 is likely.
Technically, significant support stands at 1.3500, and any violation below targets 1.3455 (61.8% fib)/1.3400 The near term resistance is at 1.3600, an indicative break beyond will take the pair to the next level till 1.3690. Significant buying only above 1.36900.
It is good to buy on dips around 1.3580-85 with SL around 1.3540 for the TP of 1.3690.
