USDCAD is trading at 1.3233; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the downside border of the cloud at 1.3205 and then resume moving upwards to reach 1.3445. 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 1.3175. In this case, the pair may continue falling towards 1.3065. After breaking the resistance level and fixing above 1.3335, the price may continue moving upwards to complete upside-down Head & Shoulders reversal pattern.
Orgin: RoboForex
