The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3183. The pair continues to move within the fall. Moving averages indicate an uptrend. At the moment, we should expect an attempt to grow and test the resistance level near 1.3365. Then, the continuation of the fall in quotations with a target below the level of 1.2815.
USD/CAD Forecast and Analysis January 14 — 18, 2019
A test of a broken trend line on the relative strength index (RSI) will be in favor of the fall of the USD/CAD pair. Cancellation of the fall in USD/CAD quotes on the current trading week of January 14 — 18, 2019 will be a strong growth and a breakdown of the 1.3550 area. This will indicate a breakdown of the resistance area and the continuation of growth in the area above the level of 1.3750. Confirmation of the fall of the pair will break the lower boundary of the rising channel and close below 1.3120.
Among the important news from Canada, which may have an impact on the Canadian Dollar rate, it is worth highlighting: the decision of the Bank of Canada on the basic interest rate, the accompanying statement of the Bank of Canada, the publication of the report of the Bank of Canada on monetary policy, the Press Conference of the Bank of Canada.
USD/CAD Forecast and Analysis January 14 — 18, 2019 implies an attempt to test the resistance area near the level of 1.3365. Further, the continuation of the fall with the goal below 1.2815. An additional signal in favor of reducing the test trend line on the indicator of relative strength index (RSI). Cancellation of the development of the downward trend will be a strong growth and the breakdown of the 1.3550 area. This will indicate a breakdown of resistance and continued growth of the pair.