Ichimoku Cloud Analysis 10.02.2022 (EURCAD, CADJPY, USDCAD)

EURCAD, “Euro vs Canadian Dollar”

EURCAD is trading at 1.4477; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.4445 and then resume moving upwards to reach 1.4740. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.4335. In this case, the pair may continue falling towards 1.4245. To confirm further growth, the asset must break the descending channel’s upside border and fix above 1.4510.

CADJPY, “Canadian Dollar vs Japanese Yen”

CADJPY is trading at 90.95; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 90.65 and then resume moving upwards to reach 92.10. Another signal in favour of a further uptrend will be a rebound from the upside border of a Triangle pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 90.05. In this case, the pair may continue falling towards 89.45.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2674; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.2710 and then resume moving downwards to reach 1.2535. Another signal in favour of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2745. In this case, the pair may continue growing towards 1.2835. To confirm further decline, the asset must break the downside border of a Double Top reversal pattern and fix below 1.2615.