USDCAD is trading at 1.2790; 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 1.2775 and then resume moving upwards to reach 1.2935. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border.
However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2715. In this case, the pair may continue falling towards 1.2605.
