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Ichimoku analysis (1-hour chart)
Tenken-Sen- 1.26784
Kijun-Sen- 1.26658
The pair declined yesterday despite weak Canadian retail sales data. It dropped by 0.6% in July compared to a forecast of -1.2%. The decline was mainly due to a fall in grocery sales. The upbeat market sentiment also supporting the Canadian dollar. The US 10-year yield recovered more than jumped and hits a 2-month high after Fed planned to reduce bond purchases by this year. It hits a low of 1.26334 and is currently trading around 1.26694. The overall trend remains bearish as long as resistance 1.2850 holds.
Crude oil price-
WTI crude oil prices surged sharply from a low of $69.38 on declining US crude inventory. Any breach below $69.40 confirms the bearish trend.
Intraday Trend –Bearish
The near-term resistance is around 1.2720, a breach above targets 1.2760/1.2800/1.2845. On the lower side, immediate support stands around 1.26000; violation below will take the pair down to the next level 1.2565/1.2500.
It is good to Sell on rallies around 1.2718-20 with SL around 1.2760 for a TP of 1.2600.
