The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3783. The pair continues to move as part of the growth of the bullish channel. Moving averages indicate an uptrend. Prices have gone far up from the area between the signal lines, indicating pressure from buyers. At the moment, we should expect an attempt to continue growth and test the resistance level near the area of 1.3955. Then, the continuation of the fall of quotations with the target below the level of 1.3405.
USD/CAD Forecast and Analysis March 16 — 20, 2020
A test of the resistance line on the relative strength index (RSI) will be in favor of reducing the USD/CAD currency pair. The second signal will be a rebound from the upper boundary of the ascending channel. Cancellation of the option of falling quotes of the USD/CAD currency pair in the current trading week March 16 – 20, 2020 will be a strong growth and a breakdown of the 1.4105 area. This will indicate a breakdown of the upper boundary of the channel and continued growth to the area above the level of 1.4505. A confirmation of the fall in the pair will be a breakdown of the support area and closing prices below 1.3605.
Among the important news from Canada that may have an impact on the Canadian Dollar exchange rate, it is worth highlighting: Canada Retail Sales m/m, Canada Core Retail Sales m/m.
USD/CAD Forecast and Analysis March 16 — 20, 2020 suggests an attempt to test the resistance area near the level of 1.3955. Further, the continuation of the fall with the target below the level of 1.3405. An additional signal in favor of reducing will be a test of the trend line on the relative strength index (RSI). Cancellation of the development option of strong correction will be the growth and breakdown of the 1.4105 area. This will indicate a breakdown of the upper boundary of the channel and continued growth of the pair with a target above 1.4505.
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