USDCAD H1: The Ichimoku Forecast for the American Session on 3.12.2024

The key moment of previous trading sessions was the intersection of the Tenkan and Kijun lines. This signal is marked on the chart with a pink square and indicates a change in the trend to a downward one. However, subsequently the price was noted to have risen above the Tenkan line, indicating weakness in the downward momentum.
The second most important signal is a change in the direction of movement of the cloud Kumo. This signal is marked on the chart with a vertical purple line. The orange color of the cloud indicates a change in the priority direction of movement to upward.
The current situation:
Let's look at the main components of the indicator and their current values:
The price is now positioned between the Tenkan and the Kijun lines, indicating a temporary consolidation before a potential resumption of the trend.
The Kumo cloud is colored orange, indicating the market tendency to a continuing upward movement.
In addition, the price is above the Kumo cloud, which acts as a potential support zone.
The Chinkou line is now below the current price.
Trading recommendations:

Dynamic support levels are on the Tenkan line, around the 1.40329, the SenkouA line, at the 1.40240, and the SenkouB line, around the 1.40143.
The dynamic resistance level is on the Kijun line, around the 1.40488 mark.