FxWirepro: Cable Heads Towards Major Resistances, Consolidation Looks Healthy, Flurry of Bearish Candles Threaten – Trading & Hedging Setup
FxWirePro: USDCAD Daily Outlook
Ichimoku analysis (Daily chart)
USDCAD continues to trade weak after minor jump till 1.36239. The pair was one of the worst performers in the past four months and has lost more than 1100 pips on broad-based US dollar selling. It hits an intraday low of 1.34925 and shown a minor recovery on upbeat US Jobless claims data. The number of people filed for unemployment benefits declined to 4- month low of 1.314 million vs forecast of 1.41 million, but layoff is increasing. It is currently trading around 1.35745.
WTI Crude oil is trading weak on U.S crude inventory rise and jump in coronavirus cases. Any break below $39.55 confirms minor weakness.
Technically, significant support stands at 1.34900, and any daily close below targets 1.3450 (61.8% fib)/1.3380. The near term resistance is at 1.3560, an indicative break beyond will take the pair to the next level till 1.3630/1.3690.
It is good to sell below 1.3495 with SL around 1.3535 for the TP of 1.3400.