The Canadian dollar (CAD) has experienced its most significant three-day decline against the US Dollar since November. USDCAD retreated after reaching the 6 months high. Spot prices currently trade with modest intraday gains, around the 1.3700 mark, though the fundamental backdrop supports prospects for a further near-term bullish move.
Here are the following bullish signals coming from the ichimoku indicator in a 1 hour time frame char
Chikou span is above the last 34 bars high
Tenkan sen is rising and it's above the Tenkan sen line
The Kijun sen line is rising as well.
Chikou span, Tenkan sen and Kijun Sen are above the clouds
The William % R indicator with period 200, is also printing bullish sign as it's currently plotting at -3. The RSI is giving bullish signal as well, printing number above 60. Key level resistance is at 1.3732-1.3744 (red colored rectangle). Key level support is at 1.3671-1.3677 (green colored rectangle)
Forecast 8.800M vs Previous 8.827M
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