USDCAD is trading at 1.2787; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2795 and then resume moving downwards to reach 1.2665. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border.
However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2885. In this case, the pair may continue growing towards 1.2975. To confirm further decline, the asset must break the support level and fix below 1.2705. This movement will indicate a breakout of the rising channel’s downside border.
Orgin: RoboForex
