Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USDCAD Daily Outlook

Ichimoku analysis (Daily Chart)

 

Tenken-Sen- 1.27300

 

Kijun-Sen- 1.27909

 

USDCAD has formed almost a double bottom around 1.2630 and shown a massive recovery despite weak US retail sales.  It came at -1.4%in Dec compared to the forecast of -0.1%. US Empire state manufacturing index declined to 3.5 in Jan vs 6 expected. The rising yield and surge in coronavirus cases. Is supporting the US dollar at lower levels.  USDCAD hits an intraday high of 1.27326 and currently trading around 1.27266.

 

WTI crude oil lost more than $1 after hitting a fresh 10-month high of $53.89 on surging coronavirus cases. Any violation above $54 confirms bullish continuation, a jump till $55/$57 likely.

 

Technically, the pair faces near term resistance at 1.2780. Any indicative break above will take till 1.2835/1.2865/1.2900. The near term support is around 1.2700; an indicative violation below will take to the next level till 1.2660/1.2630.

 

It is a good buy on dips around 1.2700 with SL around 1.2660 for TP of 1.2835.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.