FxWirePro: USDCAD Daily Outlook
Ichimoku analysis (4-Hour Chart)
USDCAD has once again declined after jumping slightly above 200-4H MA. Markets eye Janet Yellen hearings today and BOC monetary policy meeting tomorrow for further direction. The trade tension between the US and Canada came after US President Joe Biden plans to cancel a permit for the Keystone XL pipeline. USDCAD hits an intraday low of 1.27191 and currently trading around 1.27274.
WTI crude oil has taken support near 55-4H EMA and shown a minor jump. Any violation above confirms bullish continuation, a jump till $56 likely.
Technically, the pair faces near term resistance at 1.2800. Any indicative break above will take till 1.2835/1.2865/1.2900. The near term support is around 1.2750; an indicative violation below will take to the next level till 1.2700/1.2660/1.2630.
It is a good buy above 1.2800 with SL around 1.2750 for a TP of 1.2900.