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USDCAD 18 Aug 2023

USDCAD 18 Aug 2023 on the weekly timeframe. After quite a long time ranging inside the kumo cloud on the ichimoku indicator. This week the pair was able to bullish until it broke through the kumo towards R1. currently at 1.35402 and looks like it will continue to strengthen. If the pair is able to continue to rise until it breaks R1 towards R2, then go-long is an option for traders. On the other hand, if the pair fails to maintain its position and a trend reversal occurs due to overbought which is also visible on the stochastic indicator, then go-short could be an option for traders. Stay alert to market movements and changes.

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