The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3458. The pair continues to move as part of the growth of the rising 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 slightly correct and test the support level near the area of 1.3305. Then, continued growth of quotations with a target above the level of 1.3925.
USD/CAD Forecast and Analysis March 2 — 6, 2020
In favor of the rise of the USD/CAD currency pair, a test of the support area on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the growth option for the USD/CAD currency pair quotes in the current trading week March 2 — 6, 2020 will be a fall and a breakdown of the 1.2975 area. This will indicate a breakdown of the lower boundary of the model and continued fall to the area below the level of 1.2655. A confirmation of the growth and development of the bullish trend for the pair will be a breakdown of the resistance area and closing above the level of 1.3655.
Among the important news from Canada that may have an impact on the Canadian Dollar rate, it is worth highlighting: Bank of Canada (BoC) Interest Rate Decision, Bank of Canada (BoC) Governor Poloz Speech, Canada Employment Change, Ivey Canada Purchasing Managers Index (PMI).
USD/CAD Forecast and Analysis March 2 — 6, 2020 suggests an attempt to test the support area near the level of 1.3305. Further, continued growth with the target above the level of 1.3925. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the bullish trend development option will be a fall and a breakdown of the 1.2975 area. This will indicate a breakdown of the lower boundary of the model and the continuation of the fall of the pair with a target below 1.2655.
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