The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3279. The pair continues to move within the framework of the correction and the formation of an inverted «Head and Shoulders» model. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to decrease and test the support level near the 1.3125 area. Then, the growth of quotations with the goal above the level of 1.3665.
USD/CAD Forecast and Analysis February 18 — 22, 2019
The test of the support line on the relative strength index (RSI) will be in favor of the USD/CAD rise. As well as the formation of a reversal pattern. The cancellation of the growth option of the USD/CAD quotes in the current trading week of February 18 — 22, 2019 will be a fall and a breakdown of the 1.2965 area. This will indicate a breakdown of the lower boundary of the channel and the continuation of falling into the region below the level of 1.2750. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closure above 1.3425.
Among the important news from Canada, which may have an impact on the Canadian Dollar rate, it is worth highlighting: Speech by the Head of the Bank of Canada.
USD/CAD Forecast and Analysis February 18 — 22, 2019 implies an attempt to test the support area near the level of 1.3125. Further, the continuation of growth with the target above level 1.3665. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation options for the upward trend will be the fall and the breakdown of 1.2965. This will indicate a breakdown of the lower boundary of the channel and a continued decline in the pair.
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