The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3182. The pair continues to move within the correction and the ascending channel. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to decrease and test the support level near the 1.3005 area. Then, the growth of quotations with the goal above the level of 1.3625.
USD/CAD Forecast and Analysis July 29 — August 2, 2019
A test of the rising support line on the relative strength indicator will be in favor of the USD/CAD rise. The second signal will be a rebound from the lower boundary of the rising channel. The cancellation of the growth option of the USD/CAD quotes in the current trading week of July 29 — August 2, 2019 will be a fall and a breakdown of the area of 1.2845. This will indicate a breakdown of the lower boundary of the channel and the continuation of falling into the region below the level of 1.2565. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closure above 1.3275, as well as the breakdown of the downward trend line on the relative strength indicator.
Among the important news from Canada that may have an impact on the Canadian Dollar rate, it is worth highlighting: Canada Gross Domestic Product (GDP) m/m.
USD/CAD Forecast and Analysis July 29 — August 2, 2019 implies an attempt to test the support area near the level of 1.3005. Further, the continuation of the rise with the goal above level 1.3625. An additional signal in favor of the rise will be the test of the trend line on the relative strength indicator. Cancellation options for the upward trend will be the fall and the breakdown of the area 1.2845. This will indicate a breakdown of the lower boundary of the channel and a continuation of the pair’s decline with a target below 1.2565.
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