The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3283. The pair continues to move within the correction and the upward channel. Moving averages indicate a lateral trend. Prices rose above the level of signal lines, which indicates pressure from the bulls. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.3115. Then continued growth of quotations with a target above the level of 1.3725.
USD/CAD Forecast and Analysis December 2 — 6, 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 «Head and Shoulders» reversal pattern. Cancellation of the growth option for USD/CAD quotes in the current trading week December 2 — 6, 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 the continuation of the fall to the area below the level of 1.2435. A confirmation of the growth and development of the bullish trend for the pair will be a breakdown of the upper boundary of the downward channel and closing above the level of 1.3355.
Among the important news from Canada that may have an impact on the Canadian Dollar exchange rate, it is worth highlighting: Bank of Canada (BoC) Interest Rate Decision, Ivey Canada Purchasing Managers Index (PMI), Canada Employment Change.
USD/CAD Forecast and Analysis December 2 — 6, 2019 implies an attempt to test the support area near the level of 1.3115. Further, the continuation of the rise with a target above the level of 1.3725. 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 1.2435.