The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.3409. The pair continues to move within the fall and the rising channel Moving averages indicate a bullish trend. Prices broke the area between the signal lines downward, which indicates pressure from the sellers of the currency pair and a potential continuation of the fall. At the moment, we should expect an attempt to develop a correction and test the support level near the 1.3355 area. Then, the continued growth of quotations with a target above the level of 1.3865.
USD/CAD Forecast and Analysis August 3 — 7, 2020
A test of the support line on the relative strength index (RSI) will be in favor of the growth of the USD/CAD currency pair. The second signal will be a rebound from the support area. Cancellation of the growth option for the USD/CAD currency pair in the current trading week August 3 — 7, 2020 will be a fall and a breakdown of the 1.3025 area. This will indicate a breakdown of the lower border of the channel and a continuation of the fall to the area below the level of 1.2755. Confirmation of the growth in the pair will be the breakdown of the resistance area and the closing of prices above the level of 1.3565, which will indicate a breakdown of the upper border of the descending channel.
Among the important news from Canada that may have an impact on the Canadian Dollar rate, it is worth highlighting: Canada Gross Domestic Product (GDP) m/m.
USD/CAD Forecast and Analysis August 3 — 7, 2020 suggests an attempt to test the support area near the level of 1.3355. Further, continued growth with a target above 1.3865. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth development option will be a fall and a breakdown of the 1.3025 area. This will indicate a breakdown of the lower boundary of the channel and the continuation of the pair’s fall with a target below 1.2755.
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