Ichimoku analysis (Hourly Chart)
Tenken-Sen- 1.28362
Kijun-Sen- 1.28529
USDCAD is trading weak after a minor jump till 1.29571 on broad-based US dollar selling. The Canadian building permits jumped 12.9% in November compared to the forecast of 2.5%. The market is trading with weak volumes on holiday mood. Loonie hits an intraday low of 1.28212 and currently trading around 1.28240.
WTI crude oil surged more than $2 from a low of $46.04 on upbeat global sentiment. Any violation above $49.20 confirms bullish continuation.
Technically, the pair faces near term resistance at 1.2900. Any indicative break above will take till 1.2965/1.300. The near term support is around 1.2800; an indicative violation below will take to the next level till 1.2740/1.2680.
It is a good sell on rallies around 1.2868-70 with SL around 1.2920 for TP of 1.2765.
