FxWirePro: usdcad trades weak on vaccine hopes, good to sell on rallies
Source: FxWire Pro - Technicals / 18 Oct 2020 12:46:19 America/New_York
Ichimoku analysis (Hourly Chart)
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.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.