USDCAD is trading at 1.2995; the instrument is moving above Ichimoku Cloud, which means that it may continue growing. The markets could indicate that the price may test the upside border of the cloud at 1.2965 and then continue moving upwards to reach 1.3165. Another signal to confirm further ascending movement is the price’s rebounding from the channel’s downside border.
However, the scenario that implies further growth may be cancelled if the price breaks the downside border of the cloud and fixes below 1.2905. In this case, the pair may continue falling towards 1.2845. After breaking the resistance level and fixing above 1.3040, the price may continue moving upwards.