USDCAD is trading at 1.3280; bulls have failed to fix the price above 1.3365. 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 1.3235 and then resume moving upwards to reach 1.3435. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border.
However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 1.3195. In this case, the pair may continue falling towards 1.3105 and form Inverted Head & Shoulders pattern and complete its right Shoulder at 1.3050. Still, if the instrument breaks 1.3365, the pattern will be no longer valid and the price may resume moving upwards.
Orgin: RoboForex
