Back in early July we noted our first bearish signal in USDCAD when price broke below 1.35. Since then we had given two possible targets. First target was at 1.32 and our next target was 1.30-1.2950. Price has now reached very close to our second target and we can lower our protective stops to 1.3230.
Price today continues to be in a bearish trend as can be clearly confirmed by the Ichimoku cloud indicator. Resistance levels are at 1.3135 and next at 1.3240. As long as price is below both the tenkan-sen (red line indicator) and kijun-sen (yellow line indicator) we remain short-term bearish.
