USDCAD is trading at 1.2609; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2620 and then continue moving downwards to reach 1.2460. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border.
However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 1.2775. In this case, the pair may continue growing towards 1.2850.