The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3325. The pair continues to move within the correction. Moving averages indicate an uptrend. At the moment, we should expect an attempt to reduce and test the support level near the 1.3235 area. Then the growth of quotations continued with the goal above the level of 1.3685.
USD/CAD Forecast and Analysis January 28 — February 1, 2019
The test of the rising trend line on the relative strength index (RSI) will be in favor of raising the USD/CAD currency pair. Cancellation of the growth option of the USD/CAD quotes in the current trading week of January 28 — February 1, 2019 will be a fall and a breakdown of the area of 1.3130. This will indicate a breakdown of the lower boundary of the channel and the continuation of falling into the region below the level of 1.2950. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closure above 1.3395.
Among the important news from Canada, which may have an impact on the Canadian Dollar rate, it is worth highlighting: Change in GDP.
USD/CAD Forecast and Analysis January 28 — February 1, 2019 implies an attempt to test the support area near the level of 1.3235. Further, the continuation of growth with the goal above level 1.3685. 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 1.3130. This will indicate a breakdown of the lower boundary of the channel and a continued decline in the pair.