Technical analysis for USD/CAD

Technical analysis for USD/CAD

Confirmed Kumo breakout

It is clear that we have a confirmed Kumo break out.

Based on the Ichimoku components we have all we need to form a long  bias for this pair for the time being.

If we examine closely the Ichimoku components we can observe that the tekan sen and the kijun sen seem to be in a bullish formation and their direction indicates the same .

These important lines give us another significant clue which is the fact that they are above the cloud as well.

The confirmation comes from the chikou span line which is above the cloud and the price as well.

Now to be able to spot any potential developing signals the price needs to bounce on the tekan sen level.

 USD/CAD Daily Chart

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