USDCAD Tests Key Support Levels
Solid ECN - The USDCAD currency pair crossed above the Ichimoku cloud on November 12. Currently, it's testing the cloud for support, a level that coincides with the broken bearish channel.
Technical indicators are hinting at a potential bearish trend. Yet, as long as the USDCAD pair trades above the bullish trendline (depicted in red), we can anticipate a price increase. If this trend continues, the next bullish goal might be the 50% level of the Fibonacci retracement tool.
On the flip side, should the USDCAD pair close and stabilize below the cloud, it would invalidate the bullish analysis. In such a case, the bears' initial target could be the November low, marked at 1.34781.
Solid ECN - The USDCAD currency pair crossed above the Ichimoku cloud on November 12. Currently, it's testing the cloud for support, a level that coincides with the broken bearish channel.
Technical indicators are hinting at a potential bearish trend. Yet, as long as the USDCAD pair trades above the bullish trendline (depicted in red), we can anticipate a price increase. If this trend continues, the next bullish goal might be the 50% level of the Fibonacci retracement tool.
On the flip side, should the USDCAD pair close and stabilize below the cloud, it would invalidate the bullish analysis. In such a case, the bears' initial target could be the November low, marked at 1.34781.