Currency pair US Dollar to Canadian Dollar USD/CAD is trading at 1.3619. The pair broke through the Ichimoku Kinko Hyo Cloud and began to trade below its lower limit, indicating a downward trend in the pair USD/CAD. The Ichimoku Kinko Hyo Cloud lower limit test is expected near the level of 1.3660, from which one should expect an attempt to fall and develop a bearish trend for the pair US Dollar to Canadian Dollar near the target level of 1.3460.
Technical analysis & forecast USD/CAD on May 16, 2017
Earlier, a medium strength signal was generated for the sale of the US Dollar to Canadian Dollar, due to the crossing of the signal lines at the level of 1.3703. The cancellation of the fall of the pair’s quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 1.3760 area, indicating a downward trend in favor of the bullish trend. Expect to accelerate the fall in USD/CAD quotations a breakdown of the local minimum area at 1.3520.