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Ichimoku analysis (Daily chart)
Tenken-Sen- 1.24465
Kijun-Sen- 1.23241
Previous week high- 1.25902
The pair surged more than 80 pips after the Bank of Canada monetary policy. The central bank has kept its rates unchanged and cut its weekly bond-buying program to C$2billion. The Bank of Canada downgraded its 2021 growth to 6.0% and revised its 2022 estimate to 4.6% from 3.7%. Markets eye Canadian ADP employment and US Philly Fed manufacturing for further direction. The minor sell-off in crude oil prices is preventing the pair from decline. It has taken support near 200-H MA and is currently trading around 1.24853.
Trend –Bullish
The near-term resistance is around 1.2550, a breach above targets 1.26345 (200- day MA)/1.2660. On the lower side, immediate support stands around 1.2435; violation below will take the pair down to the next level 1.2400/1.2360.
It is good to buy on dips around 1.2450 with SL around 1.2400 for TP of 1.25880.
