The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.4157. The pair continues to move as part of the growth of the rising channel. Moving averages indicate an uptrend. 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 correction and test the support level near the area of 1.3915. Then, continued growth of quotations with a target above the level of 1.4955.
USD/CAD Forecast and Analysis April 6 — 10, 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 April 6 — 10, 2020 will be a fall and a breakdown of the 1.3575 area. This will indicate a breakdown of the lower boundary of the channel and continued decline to the area below the level of 1.3025. The pair will be confirmed by a breakdown of the resistance area and closing prices above the level of 1.4565.
Among the important news from Canada that may have an impact on the Canadian Dollar, it is worth highlighting: Ivey Canada Purchasing Managers Index (PMI), Canada Employment Change.
USD/CAD Forecast and Analysis April 6 — 10, 2020 suggests an attempt to test the support area near the level of 1.3915. Further, continued growth with the target above the level of 1.4955. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). The cancellation of the rise development option will be a fall and a breakdown of the 1.3575 area. 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 1.3025.
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