-
USD/CAD Candlesticks and Ichimoku Analysis
After closing below the Ichimoku cloud area on the weekly chart, the greenback met renewed selling just as we indicated in our previous update at the bottom of Ichimoku cloud (support turned resistance) and the pair tumbled to as low as 1.0784. Outlook remains bearish for the decline from 1.3066 top to bring stronger retracement of medium term upmove from 0.9059 and weakness to 1.0650 and then 1.0590 (61.8% Fibonacci retracement of 0.9059 to 1.3066), however, downside is likely to be limited to 1.0380 (previous resistance).
