Ichimoku Analysis (1-hour chart)
Tenken-Sen- 1.39527
Kijun-Sen- 1.39614
USDCAD has recovered slightly after hitting a low of 1.39231 at the time of writing. The slight jump in crude came after OPEC agreed to cut production by 9.7 million barrels per day. WTI crude oil recovered till $24.56, but the cut is not enough to tackle a decrease in demand which is too happened due to Coronavirus. The pair jumped till 1.39720 and is currently trading around 1.39645.
On the flip side, immediate support is at 1.3920 and the violation below will drag the pair down till 1.3890/1.3440.
The near-term resistance is around 1.4000, an indicative break above targets 1.4060/1.4090/1.4125/1.4160.
It is good to sell on rallies around 1.4000 with SL around 1.4040 for the TP of 1.3920/1.3865.
