USD/CAD, H4

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, they are both horizontal. Confirmative Chinkou Span line is below the price chart, current Kumo-cloud is ascending. The pair has entered the cloud and is trying to overcome its upper border (1.3227). The closest support level is the lower border of the cloud at 1.3184.

Forex: Ichimoku Clouds. Review of USD/CAD

USD/CAD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative Chinkou Span line is above the price chart and current cloud is ascending. After long rise the pair is being corrected to the level of Tenkan-sen line, the closest support level is Kijun-sen line (1.3106). One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.3335.

Forex: Ichimoku Clouds. Review of USD/CAD

Key levels

Support levels: 1.3184, 1.3106.

Resistance levels: 1.3227, 1.3335.

Trading tips

On the four-hour chart the breakthrough of the cloud will allow the pair to go further up. Daily chart confirms the upward trend. Pending buy positions should be placed at 1.3250 with targets at 1.3335 and stop-loss at 1.3184.

 

 




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