The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.2802. The pair continues to move within the fall and the downtrend channel. Moving averages indicate a bearish trend. Prices moved down from the area between the signal lines, 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 growth and test the resistance level near the 1.2905 area. Then, the continuation of the fall in quotations with a target below 1.2205.
USD/CAD Forecast and Analysis December 7 — 11, 2020
An additional signal in favor of the fall of the USD/CAD currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to raise the quotes of the USD/CAD currency pair on the current trading session on December 7 — 11, 2020 will be a strong growth and a breakdown of the 1.3225 area. This will indicate a breakdown of the upper border of the downward channel and continued growth to the area above the level of 1.3675. Confirmation of the fall in the pair will be the breakdown of the support area and closing prices below 1.2705.
Among the important news from Canada that may have an impact on the Canadian Dollar rate, it is worth highlighting: Ivey Canada Purchasing Managers Index (PMI), Bank of Canada (BoC) Interest Rate Decision Interest Rate Decision.
USD/CAD Forecast and Analysis December 7 — 11, 2020 implies an attempt to test the resistance area near the level of 1.2905. Further, the continuation of the fall with the target below 1.2205. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall development option will be a strong growth and a breakdown of the 1.3225 area. This will indicate a breakdown of the upper border of the downward channel and continued growth of the pair with a target above 1.3675.
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