FxWirePro: USDCAD trades above 1.4000 levels on strong crude oil price, good to buy on dips
Ichimoku Analysis (Daily chart)
USDCAD has declined after showing a minor jump above 200-4H MA. The crude oil prices recovered after a dip to $30.69. But upside to be capped due to renewed US-Sino tension. The commodity was trading in the higher for past 1-month and jumped more than $25 till $34.64.
The Canada Core retail sales dropped 10% in Apr to $47.1 billion much worse than Mar 0.4%. Technically, significant support stands at 1.3950, and any violation below targets 1.3920/1.3850. The near term resistance is at 1.40250 (200-4H MA), an indicative close above will take the pair to the next level till 1.4060/1.4100/1.4145.
It is good to buy on dips around 1.3950 with SL around 1.3920 for the TP of 1.4060.