The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3186. The pair continues to move within the correction and the bullish channel. Moving averages indicate a bullish trend. However, there was a breakdown of the moving averages area, which indicates pressure from the sellers. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.3105. Then, the growth of quotations with the target above the level of 1.3845.
USD/CAD Forecast and Analysis June 24 — 28, 2019
A test of the rising support line on the relative strength index (RSI) will be in favor of the USD/CAD rise. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the growth option of the USD/CAD quotes in the current trading week of June 24 — 28, 2019 will be a fall and a breakdown of the area of 1.2905. This will indicate a breakdown of the lower boundary of the channel and the continuation of falling into the region below the level of 1.2745. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closure above 1.3365.
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 June 24 — 28, 2019 implies an attempt to test the support area near the level of 1.3105. Further, the continuation of the rise with the goal above level 1.3845. An additional signal in favor of the rise will be the 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 the area 1.2905. This will indicate a breakdown of the lower boundary of the channel and a continuation of the pair’s decline with a target below 1.2745.