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FxWirePro: USDCAD Intraday trade Idea FxWirePro: USDCAD Intraday trade Idea FxWirePro: USDCAD Intraday trade Idea

Ichimoku Chart analysis (15 min chart)

 

Tenken-Sen- 1.30937

 

Kijun-Sen- 1.30921

 

USDCAD trades slightly higher after more than 1-week of weakness. The pair hit low of 1.30710 and shown a minor recovery. The broad-based USD selling and easing US-China trade talks is supporting the Canadian dollar.

WTI crude oil is trading slightly higher on trade talks optimism and nay violation above $55.05 confirms minor trend reversal.

The near-term resistance is around 1.3135 (support turned into resistance) and any convincing break above will take the pair to next level till 1.3180/1.3235.

 

On the flip side, major support is around 1.3060 and any violation below targets 1.3020/1.3000.

 

It is good to buy on dips around 1.3100 with SL around 1.3070 with SL around 1.3180.

By Rangarajan Hariharan
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