FxWirePro: USDCAD Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- 1.34581

Kijun-Sen- 1.35001

USDCAD continues to trade weak after a minor jump till 1.3400. The pair is trading weak for the past one month and lost more than 300 pips on broad-based US dollar selling and the bullish crude oil prices. US republicans Corona relief package that include onetime payment of $1200 for individuals and $2400 for families. The pair hits an intraday low of 1.34038 and is currently trading around 1.33557.

WTI Crude oil declined slightly till $40.84 on weak US economic data. It hits a high of $42.45 and is currently trading around $40.98.

Technically, the pair is facing strong support at 1.3315. A break below targets 1.3260/1.3230. The near term resistance is at 1.340, an indicative break beyond will take the pair to the next level till 1.3460/1.3500.

It is good to sell on rallies around 1.3368-70 with SL around 1.3400 for the TP of 1.3265.