USDCAD is trading at 1.3484; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.3385 and then resume moving upwards to reach 1.3685. 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 1.3325. In this case, the pair may continue falling towards 1.3245.