USDCAD is trading inside the Triangle pattern at 1.3413; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the downside border of the cloud at 1.3425 and then resume moving downwards to reach 1.3305. Another signal to confirm further descending movement is the price’s rebounding from the resistance level.
However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 1.3485. In this case, the pair may continue growing towards 1.3565. After breaking the downside border of the Triangle pattern and fixing below 1.3385, the price may continue moving downwards.
Orgin: RoboForex
