USD / CAD
Throughout October, the Canadian currency seeks to maintain its position in the monthly cloud of Ichimoku, while the pair overcame the attraction of the weekly cloud and consolidated in the bearish zone of the relative resistance. At the moment, support for the monthly Fibo Kijun (1.3052) has been met. Overcoming the support and maintaining the current mood in the last week of October will allow us to expect a further decline. The benchmarks of which are the following monthly support 1.2864 (Kijun) – 1.2674 (Fibo Kijun) and a weekly target for the breakdown of the cloud (1.2824 – 1.2731).
On the daily timeframe, a monthly support meeting (1.3052) led to the formation of breaking. In the case of an upward correction, the nearest benchmark will be the resistance of the daily short-term trend, which is now located at 1.3146. At the same time, it is advisable for downgrade players to limit themselves to this level to maintain their advantages and plans since consolidating above will affect the current balance of forces and will focus on the next strengthened and most significant resistance zone, concentrated in the region of 1.3200 – 1.3240-50 (daily cloud + final daytime dead cross + weekly levels).
The material has been provided by InstaForex Company – www.instaforex.com