USDCAD 7 Mar 2024 on Daily timeframe. The pair was bearish when it tried to break the R1. Successfully breaking out of the kumo cloud on the ichimoku indicator, the pair tried to continue to strengthen by penetrating the R1, but rebounded and went back down. Being at the price position of 1.35098 the pair is still likely to continue to be bearish. This is also reinforced by the graph displayed on the stochastic indicator which still shows a decline towards level 20. Therefore go-short can be an option for traders. But when this pair is able to reverse the trend again when it touches the kumo cloud, then go-long is an option. Keep an eye on volatile market movements and learn many indicators before making trading decisions.
