USDCAD is trading at 1.3223; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.3240 and then resume moving downwards to reach 1.3085. Another signal to confirm further descending movement is the price’s forming Head & Shoulders reversal pattern.
However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 1.3280. In this case, the pair may continue growing towards 1.3365. After breaking the rising channel’s downside border and fixing below 1.3170, the price may continue moving downwards.
Orgin: RoboForex
