USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is rebounding from the upper boundary of the descending channel. The pair is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Cloud’s lower boundary at 1.3530 is expected, followed by a rise to 1.3645. An additional signal confirming the rise could be a rebound from the lower boundary of the Head and Shoulders reversal pattern. The scenario can be cancelled by a breakout of the lower boundary of the Cloud, with the price gaining a foothold below 1.3505, which will signal a further decline to 1.3410. Meanwhile, the price rise could be confirmed by a breakout of the upper boundary of the Head and Shoulders reversal pattern, with the price securing below 1.3600.
Origin: RoboForex
