The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3131. The pair continues to move within the bullish channel. Moving averages indicate an uptrend. At the moment, we should expect an attempt to reduce and test the support level near the 1.3100 area. Then, the growth of quotations with the goal above the level of 1.3795.
USD/CAD Forecast and Analysis March 4 — 8, 2019
The test of the 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 bullish channel. Cancellation of the growth of the USD/CAD quotes in the current trading week of March 4 — 8, 2019 will be a fall and a breakdown of the 1.2925 area. This will indicate a breakdown of the lower boundary of the channel and the continuation of falling into the region below the level of 1.2750. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closure above 1.3375.
Among the important news from Canada, which may have an impact on the Canadian Dollar rate, it is worth highlighting: Decision of the Bank of Canada at the basic interest rate, Accompanying statement of the Bank of Canada, Unemployment rate, Change in the number of employees.
USD/CAD Forecast and Analysis March 4 — 8, 2019 implies an attempt to test the support area near the level of 1.3155. Further, the growth continued with the target above the level of 1.3715 An additional signal in favor of the rise will be a 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 1.2965. This will indicate a breakdown of the lower boundary of the channel and a continued decline in the pair.
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