USDCAD is trading at 1.3050; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3025 and then resume moving upwards to reach 1.3160. 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 canceled if the price breaks the cloud’s downside border and fixes below 1.2995. In this case, the pair may continue falling towards 1.2905. After breaking Triangle’s upside border and fixing above 1.3090, the price may continue moving upwards.