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 shift to bullish as it continues to test the lower band of Ichimoku cloud before reaching our second bearish target of 1.1988. With the RSI straightening above the over-sold area, there is no clear trading signal and we remain in the wait-and-see position.
Alternative Scenario: A confirmation below the Ichimoku support level at 1.22 could open doors 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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