• FxWirePro: usdcad trades weak on vaccine hopes, good to sell on rallies

    Source: FxWire Pro - Technicals / 16 Oct 2020 13:21:14   America/New_York

    Ichimoku analysis (Hourly Chart)


    Tenken-Sen- 1.32008


    Kijun-Sen- 1.32140


    USDCAD declined sharply and lost more than 80 pips despite weak Canadian manufacturing sales.  It came at -2.0% in August compared to forecast of 1.4%. The hopes of COVID-19 vaccine has increased after Pfizer CEO said that it could apply for emergency use of coronavirus vaccine in Nov. the US rerail sales rose 1.9% m/m vs estimate of 0.7%. It hits an intraday low of 1.31778 and currently trading around 1.31842.


    WTI crude oil is trading higher and jumped more than $1.5 on positive global cues. Any violation above $41.50 targets $43/$43.75.


    Technically, the pair faces near term resistance at 1.3190. Any violation above targets 1.3235/1.3260 1.3278/1.3260. The near term support is around 1.3100, an indicative break below will take to the next level till 1.30440/1.3000.


    It is good to sell on rallies around 1.3188-90 with SL around 1.3250 for the TP of 1.3050.



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