Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, forming a signal to buy. Chinkou Span line has crossed the price chart from below; current Kumo-cloud is descending. The pair has entered the cloud and is trying to break through its upper border (1.2642). Senkou Span A (1.2599) line is the closest support level.

Forex: Ichimoku Clouds. Review of USD/CAD


On the daily chart Tenkan-sen line has crossed Kijun-sen from above, however downward impetus wasn’t enough and the pair returned above the red line and the blue one. Chinkou Span line is above the price chart; current Kumo-cloud is ascending. The closest support level is Kijun-sen line at 1.2611. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.2787.

Forex: Ichimoku Clouds. Review of USD/CAD

Key levels

Support levels: 1.2611, 1.2599.

Resistance levels: 1.2642, 1.2787.

Trading tips

On the four-hour chart the pair can soon break through the cloud and give a signal to buy. On the daily chart we can see a correction of the upward trend. Pending buy orders should be placed at 1.2650 with targets at 1.2745.

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