The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.2978. The pair continues to move as part of the decline and the development of the «Triangle» 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 grow and test the resistance level near the area of 1.3095. Then, the continuation of the fall of quotations with the target below the level of 1.2515.
USD/CAD Forecast and Analysis January 6 — 10, 2020
In favor of reducing the USD/CAD currency pair, a downward resistance line test will be performed on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option of falling quotes of the USD CAD currency pair in the current trading week January 6 — 10, 2020 will be a strong growth and a breakdown of the 1.3285 area. This will indicate a breakdown of the upper boundary of the channel and continued growth to the area above the level of 1.3565. A confirmation of the fall and development of the bearish trend for the pair will be a breakdown of the support area and closing below 1.2885.
Among the important news from Canada that may have an impact on the Canadian Dollar rate, it is worth highlighting: Ivey Canada Purchasing Managers Index (PMI), Presentation by Bank of Canada (BoC) Governor Poloz Speech, Canada Employment Change.
USD/CAD Forecast and Analysis January 6 — 10, 2020 suggests an attempt to test the resistance area near the level of 1.3095. Further, the continuation of the fall with the target below the level of 1.2515. An additional signal in favor of reducing will be a test of the trend line on the relative strength index (RSI). Cancellation of the downward trend development option will be a strong growth and a breakdown of the 1.3285 area. This will indicate a breakdown of the upper boundary of the channel and continued growth of the pair with a target above 1.3565.
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