Technical analysis and FOREX forecast USD/CAD

usd-cadUSDCAD is trading at 1.3940; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3925 and then resume moving upwards to reach 1.4085. Another signal in favor of further uptrend will be a rebound from the descending channel’s upside border.

However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3875. In this case, the pair may continue falling towards 1.3795. To confirm further growth, the asset must break the upside border of the Triangle pattern and fix above 1.3995.

USDCAD

Orgin: RoboForex

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