The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3250. The pair continues to move as part of the growth and formation of the inverted «Head and Shoulders» model. Moving averages indicate a downward trend. Prices were able to break through the area between the signal lines up, which indicates pressure from buyers. At the moment, we should expect an attempt to fall and test the support level near the area of 1.3045. Then, continued growth of quotations with a target above the level of 1.3705.
USD/CAD Forecast and Analysis February 17 — 21, 2020
In favor of the rise of the USD/CAD currency pair, a test of the support 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 the USD/CAD currency pair quotes in the current trading week February 17 — 21, 2020 will be a fall and a breakdown of the 1.2895 area. This will indicate a breakdown of the lower boundary of the model and continued decline to the area below the level of 1.2465. 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 1.3385, which will indicate the completion of the formation of the head and shoulders reversal pattern.
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 February 17 — 21, 2020 suggests an attempt to test the support area near the level of 1.3045. Further, continued growth with a target above the level of 1.3705. 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 bullish trend development option will be a fall and a breakdown of the 1.2895 area. This will indicate a breakdown of the lower boundary of the model and the continuation of the fall of the pair with a target below 1.2465.
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