The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3186. The pair continues to move within the correction and the bullish channel. Moving averages indicate a flat trend. Prices fell below the level of signal lines, indicating pressure from sellers. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.3105. Then continued growth of quotations with a target above the level of 1.3755.
USD/CAD Forecast and Analysis December 16 — 20, 2019
In favor of the rise of the USD/CAD currency pair, a test of the rising support line on the relative strength index (RSI) will come out. The second signal is the completion of the formation of the reversal model of the inverted «Head and Shoulders». Cancellation of the growth option for USD/CAD quotes in the current trading week December 16 — 20, 2019 will be a fall and a breakdown of the 1.2935 area. This will indicate a breakdown of the lower boundary of the channel and the continuation of the fall to the area below the level of 1.2425. A confirmation of the growth and development of the bullish trend for the pair will be a breakdown of the resistance area and closing above the level of 1.3355, which will indicate the completion of the reversal model.
Among the important news from Canada that may have an impact on the Canadian Dollar exchange rate, it is worth highlighting: Canada Retail Sales m/m, Canada Core Retail Sales m/m.
USD/CAD Forecast and Analysis December 16 — 20, 2019 implies an attempt to test the support area near the level of 1.3105. Further, the continuation of the rise with a target above the level of 1.3755. 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 1.2935 area. This will indicate a breakdown of the lower boundary of the channel and continued decline in the pair with a target below 1.2425.
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