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FxWirePro: USDCAD downside capped by 200-day MA, good to buy on dips
Ichimoku Analysis (Daily Chart)
USDCAD is trading weak for past 1-week and shown a minor recovery. The dip was mainly due to a surge in crude oil prices. WTI crude oil prices surged more than $3 in the past two trading days on slight easing of coronavirus. The pair jumped till 1.32603 and is currently trading around 1.32852.
Canadian CPI rose to 2.4% YOY in Jan slightly higher than an estimate of 2.3% and CPI common at 1.8% vs forecast of 2%.
Technically, near -term resistance is around 1.3380 and any violation above targets 1.3385. Major trend continuation only if it breaks 1.3385.
On the flip side, immediate support is around 1.3203 and an indicative break below will drag the pair down till 1.3178/1.3145.
It is good to buy on dips around 1.3240-45 with SL around 1.3200 for the TP of 1.3385.