The USDCAD is trading at 1.3294, below the Ichimoku cloud, which means there’s a downtrend forming. We are expecting a test of the upper cloud boundary at 1.3315, and then a downward pullback to 1.3205, which may be confirmed with the price bouncing off the resistance area.
This fall may be prevented in case the price breaks out the upper boundary and closes above 1.3355, which will be a signal for a further rise to 1.3395. Conversely, the fall will be confirmed once the bottom boundary of the triangle pattern gets broken out and the price closes below 1.3245.
Orgin: RoboForex
