The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3212. The pair continues to move within the correction and the upward channel. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.3155. Then continued growth of quotations with a target above the level of 1.3795.
USD/CAD Forecast and Analysis August 12 — 16, 2019
In favor of the rise of the USD/CAD currency pair, a test of the broken resistance 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 USD/CAD quotes in the current trading week August 12 — 16, 2019 will be a fall and a breakdown of the 1.2915 area. This will indicate a breakdown of the lower boundary of the channel and continued decline to the area below the level of 1.2545. A confirmation of the growth of the pair will be a breakdown of the resistance area and closing above the level of 1.3355.
USD/CAD Forecast and Analysis August 12 — 16, 2019 suggests an attempt to test the support area near the level of 1.3155. Further, the continuation of the rise with a target above the level of 1.3795. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the upward trend development option will be a fall and a breakdown of the 1.2915 area. This will indicate a breakdown of the lower boundary of the channel and continued decline in the pair with a target below 1.2545.
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