USDCAD is trading at 1.3270; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 1.3280 and then resume moving downwards to reach 1.3140. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border.
However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 1.3305. In this case, the pair may continue growing towards 1.3415. After breaking the support level and fixing below 1.3235, the price may continue moving upwards to complete Head & Shoulders reversal pattern.
Orgin: RoboForex
