11:30 AM (EST) Update
USD/CAD Reached target at 1.24
10:00 AM (EST) Update
USD/CAD 4 Hour: Bearish Sentiment breaking below the Ichimoku Cloud
Forex Fundamental news: Bank of Canada Rate Statement on Tap
Suggested positioning: Bearish below 1.2525
Technical reasons: The pair is under strong bearish sentiment and breaking below the Ichimoku cloud and support levels.
Alternative Scenario: Above 1.2580 look for more upside towards 1.2635
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.2416 | 12525 | 1.2635 |
| 1.24 | 1.2580 | 1.28 |
