USD/CAD Intraday: Further advance
Our preference: long positions above 1.3300 with targets at 1.3370 & 1.3405 in extension.Alternative scenario: below 1.3300 look for further downside with 1.3275 & 1.3250 as targets.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is trading at 1.3321; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency.
The markets could indicate that the price may test the upside border of the cloud at 1.3290 and then resume moving upwards to reach 1.3405.
Another signal to confirm further ascending movement is the price’s rebounding from the support level.
However, the scenario that implies further growth may be cancelled if the price breaks the downside border of the cloud and fixes below 1.3265.
In this case, the pair may continue falling towards 1.3175.