USDCAD is trading at 1.2932; the instrument is moving inside Ichimoku Cloud, which means that it is moving sideways. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2910 and then continue moving upwards to reach 1.3135. Another signal to confirm further ascending movement is the price’s rebounding from the support level.
However, the scenario that implies further growth may be cancelled if the price breaks the downside border of the cloud and fixes below 1.2860. In this case, the pair may continue falling towards 1.2745. After breaking the upside border of the cloud and fixing above 1.2965, the price may continue moving upwards.