USDCAD is trading at 1.2763; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test the downside border of the cloud at 1.2800 and then continue moving downwards to reach 1.2645. Another signal to confirm further descending movement is the price’s rebounding from the resistance level.
However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 1.2885. In this case, the pair may continue growing towards 1.3050.