The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3069. 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 continue to remain below the signal line area, indicating pressure from sellers. At the moment, we should expect an attempt to fall and test the support level near the area of 1.2905. Then, continued growth of quotations with a target above the level of 1.3605.
USD/CAD Forecast and Analysis January 13 — 17, 2020
In favor of the rise of the US 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 «Wolfe Wave» reversal pattern. Cancellation of the growth option for the USD/CAD currency pair quotes in the current trading week January 13 — 17, 2020 will be a fall and a breakdown of the 1.2765 area. This will indicate a breakdown of the lower boundary of the model and continued fall 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 «Wolfe Wave» model and a close above the level of 1.3265.
USD/CAD Forecast and Analysis January 13 — 17, 2020 suggests an attempt to test the support area near the level of 1.2905. Further, continued growth with the target above the level of 1.3605. 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 1.2765 area. This will indicate a breakdown of the lower boundary of the model and continued fall of the pair with a target below 1.2465.