FX.co ★ Ichimoku cloud indicator analysis of USD/CAD for April 6, 2018

USD/CAD is in a bearish trend. The price has most probably topped at the 1.2920 area and has now started its next leg towards 1.2650 at least. The price is making lower lows and lower highs and has recently exited a consolidation area.

The USD/CAD is trading below the 4-hour Kumo (cloud) and both the tankan- and kijun-sen indicators. The trend is clearly bearish. Support is at 1.2745 and resistance at 1.28. As long as the price is below 1.28 I will be expecting a sharp move lower towards 1.2650. I prefer to be bearish this pair.