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FxWirePro: USDCAD forms hammer pattern, jump till 1.4000 likely
Ichimoku Analysis (8- hour chart)
USDCAD has halted its 4 days of bearishness and jumped more than 80 pips on weak crude oil prices. WTI crude oil price lost more than 7.5% due to the ongoing Hong Kong protest. It hits an intraday low of $32.16 and is currently trading around $32.72.
Technically, significant support stands at 1.3720, and any violation below targets 1.3680/1.3600. The near term resistance is at 1.3850 (support turned into resistance), an indicative break above will take the pair to the next level till 1.3890/1.3950.
It is good to buy on dips around 1.3785 with SL around 1.3720 for the TP of 1.4000.