Ichimoku analysis (Weekly Chart)
Tenken-Sen- 1.31744
Kijun-Sen- 1.35216
USDCAD is trading weak on upbeat global market sentiment. The optimism on the COVID-19 vaccine by Pfizer and Moderna Inc has increased demand for riskier assets. Markets eye Canadian CPI data for further direction.DXY is facing strong support at 92, any violation below targets 91. Loonie hits an intraday high of 1.30681 and currently trading around 1.30781.
WTI crude oil gained more than$2 on vaccine hopes and a rise in Chinese demand. Short term trend is bullish as long as support $40 holds.
Technically, the pair faces near term resistance at 1.3120 Any violation above targets 1.3170/1.3200. The near term support is around 1.3060; an indicative break below will take to the next level till 1.3000.
It is good to sell on rallies around 1.3 with SL around 1.3070 for the TP of 1.330.
