FxWirePro: USDCAD Daily Outlook
Ichimoku analysis (Daily Chart)
USDCAD has shown a minor recovery despite better than expected Canadian retail sales data. It grew by 1.1% in September compared to a forecast of 0.2%. The surge in the new number of coronavirus is supporting the US dollar at lower levels.DXY is facing strong resistance at 200-H MA at 92.65, any hourly close above targets 93/93.20. Loonie hits an intraday high of 1.30718 and currently trading around 1.30600.
WTI crude oil is trading slightly high on vaccine hopes. Any break above $42.50 confirms bullish continuation.
Technically, the pair faces near term resistance at 1.3080. Any violation above targets 1.3125/1.3170/1.3200. The near term support is around 1.3030; an indicative break below will take to the next level till 1.3000/1.2925.
It is good to sell on rallies around 1.3078-80 with SL around 1.3125 for the TP of 1.3000.