USD/CAD Daily: Unable to Break Below Ichimoku Cloud
Suggested positioning: No positions. Wait for confirmation
Technical reasons why: While the pair broke below the 23% Fibonacci level, its bearish sentiment shifter to bullish as it tested the lower band of Ichimoku cloud before reaching our second bearish target of 1.1988. With the RSI head up above the over-sold area, we remain in a wait-and-see situation.
Alternative Scenario: Below Ichimoku support at 1.22 look for further downside towards 1.19.
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.19 | 1.22 | 1.26 |
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