USDCAD is trading at 1.3042; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2985 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 1.2895. In this case, the pair may continue falling towards 1.2795.