The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3775. 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 buyers and a potential upward rebound. At the moment, we should expect an attempt to develop a correction and a test of the support level near the area of 1.3645. Then, continued growth of quotations with a target above the level of 1.4615.
USD/CAD Forecast and Analysis June 1 — 5, 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 June 1 — 5, 2020 will be a fall and a breakdown of the 1.3365 area. This will indicate a breakdown of the lower boundary of the channel and continued decline to the area below the level of 1.3045. A confirmation of the growth in the pair will be a breakdown of the resistance area and closing prices above the level of 1.4125.
Among the important news from Canada, which may have an impact on the Canadian Dollar exchange rate, it is worth highlighting: Bank of Canada (BoC) Interest Rate Decision, Canada Employment Change, Ivey Canada Purchasing Managers Index (PMI).
USD/CAD Forecast and Analysis June 1 — 5, 2020 suggests an attempt to test the support area near the level of 1.3645. Further, continued growth with the target above the level of 1.4615. 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 1.3365. This will indicate a breakdown of the lower boundary of the channel and the continuation of the fall of the pair with a target below 1.3045.
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