USDCAD: Shooting Star and 200-4H EMA

Ichimoku analysis (8-hour chart)

Tenken-Sen- 1.35613

Kijun-Sen- 1.35952

USDCAD recovered more than 100 pips from a low of 1.34990 on broad-based US dollar buying and weak crude oil prices. The pair was one of the worst performers in the past four months and has lost more than 1100 pips on strong crude oil prices.

The Canadian economy has added 953000 in June much better than estimate 700000 and unemployment rate at 12.3% vs. 13.7% previous month.

WTI Crude oil jumped sharply more than $1.5 on positive US economic data. Any break above $41.65 will take the commodity to $43.

Technically, significant support stands at 1.3575, and any break below targets 1.3540/1.3490. The near term resistance is at 1.3635, an indicative break beyond will take the pair to the next level till 1.3690/1.3735.

It is good to sell on rallies around 1.3615-18 with SL around 1.3655 for the TP of 1.3505.