USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is rebounding from the upper boundary of the descending channel. The pair is going inside the Ichimoku Cloud, which suggests a sideways movement. A test of the Cloud’s lower boundary at 1.3645 is expected, followed by a rise to 1.3795. An additional signal confirming the rise will be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud, with the price securing below 1.3605, indicating a further decline to 1.3505. Meanwhile, the rise could be confirmed by a breakout of the upper boundary of the bearish channel, with the price finding a foothold above 1.3745.
Origin: RoboForex
