The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3567. The pair continues to move within the correction and the upward channel. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines, which indicates pressure from the buyers of the currency pair and the potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop correction and a test of the support level near the area of 1.3415. Then, continued growth of quotations with a target above the level of 1.4475.
USD/CAD Forecast and Analysis July 6 — 10, 2020
In favor of the growth of the USD/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 ascending channel. Cancellation of the growth option for the USD/CAD currency pair quotes in the current trading week July 6 — 10, 2020 will be a fall and a breakdown of the 1.3125 area. This will indicate a breakdown of the lower boundary of the channel and the continuation of the fall to the area below the level of 1.2765. Confirmation of growth in the pair will be a breakdown of the resistance area and closing prices above the level of 1.3895, which will indicate a breakdown of the upper border of the downward channel.
Among the important news from Canada, which may have an impact on the Canadian Dollar, it is worth highlighting: Ivey Canada Purchasing Managers Index (PMI), Canada Employment Change.
USD/CAD Forecast and Analysis July 6 — 10, 2020 suggests an attempt to test the support area near the level of 1.3415. Further, continued growth with a target above the level of 1.4475. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the development option of the rise will be the fall and the breakdown of the area of 1.3125. This will indicate a breakdown of the lower boundary of the channel and continued fall of the pair with a target below 1.2765.
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