The USD/CAD is trading at 1.2956, below the Ichimoku cloud, which means there’s a downtrend forming. We expect a test of the signal lines at 1.3000, and then the fall is likely to continue to 1.2870, which will be confirmed with the price bouncing off the lower boundary of the descending channel.
This fall may be prevented in case price breaks out the upper boundary and closes above 1.3105, which will be a signal for a further rise to 1.3250 and above. Conversely, the fall will be confirmed once the bottom boundary gets broken out and the price closes below 1.2925.
Orgin: RoboForex
