FxWirePro: USDCAD Daily Outlook

Ichimoku analysis (Hourly Chart)

Tenken-Sen- 1.27353

Kijun-Sen- 1.27482

USDCAD has shown a minor recovery after hitting a 2-week low. Loonie was one of the best performers in the past 9 months on broad based US dollar selling and strong Crude oil price. The number of people who have filed for jobless benefits declines for a consecutive week. It came at 787K for the week ended Dec 26th compared to the forecast of 832K. USDCAD hits an intraday low of 1.27614 and currently trading around 1.27604.

WTI crude oil surged more than $40 from a low of $0.01 on upbeat global sentiment.  Any violation above $51.20 confirms bullish continuation.

Technically, the pair faces near term resistance at 1.2765. Any indicative break above will take till 1.280/1.283. The near term support is around 1.2700; an indicative violation below will take to the next level till 1.26580/1.2600.

It is a good sell on rallies around 1.2868-70 with SL around 1.2920 for TP of 1.2765.