The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3232. The pair continues to move as part of the decline and the formation of the bullish «Wolfe Wave» model. Moving averages indicate a downward trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers. At the moment, we should expect an attempt to fall and test the support level near the area of 1.3025. Then, continued growth of quotations with a target above the level of 1.3705.
USD/CAD Forecast and Analysis February 3 — 7, 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 border of the bullish «Wolfe Wave» model. Cancellation of the growth option for the USD/CAD currency pair quotes in the current trading week February 3 — 7, 2020 will be a fall and a breakdown of the 1.2835 area. This will indicate a breakdown of the lower boundary of the model and continued decline to the area below the level of 1.2445. Confirmation of the growth and development of the bullish trend for the pair will be a breakdown of the upper boundary of the «Wolfe Wave» model and a close above the level of 1.3295.
Among the important news from Canada that could have an impact on the Canadian Dollar exchange rate, it is worth highlighting: Canada Employment Change, Ivey Canada Purchasing Managers Index (PMI).
USD/CAD Forecast and Analysis February 3 — 7, 2020 implies an attempt to test the support area near the level of 1.3025. 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 1.2835 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 1.2445.
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