USD/CAD Forecast and Analysis April 27 — May 1, 2020

The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.4078. The pair continues to move as part of the correction and the upward channel. Moving averages indicate a bullish trend. Prices have gone far up from the area between the signal lines, indicating pressure from buyers. At the moment, we should expect an attempt to develop a correction and a test of the support level near the area of ​​1.3855. Then, continued growth of quotations with a target above the level of 1.4865.

USD/CAD Forecast and Analysis April 27 — May 1, 2020

In favor of the growth of the USD/CAD currency pair, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the USD/CAD currency pair quotes in the current trading week April 27 — May 1, 2020 will be a fall and a breakdown of the 1.3525 area. This will indicate a breakdown of the lower boundary of the channel and continued decline to the area below the level of 1.3055. A confirmation of the growth in the pair will be a breakdown of the resistance area and closing prices above the level of 1.4305.

Among the important news from Canada that may have an impact on the Canadian Dollar, it is worth highlighting: Canada Gross Domestic Product (GDP) m/m.

USD/CAD Forecast and Analysis April 27 — May 1, 2020 implies an attempt to test the support area near the level of 1.3855. Further, continued growth with a target above the level of 1.4865. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the development option of the rise will be the fall and the breakdown of the area of ​​1.3525. This will indicate a breakdown of the lower boundary of the channel and the continuation of the fall of the pair with a target below 1.3055.

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