The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3948. The pair continues to move within the correction and the upward channel. Moving averages indicate a bullish trend. 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 develop a correction and a test of the support level near the area of 1.3855. Then, continued growth of quotations with a target above the level of 1.4845.
USD/CAD Forecast and Analysis May 11 — 15, 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 May 11 — 15, 2020 will be a fall and a breakdown of the 1.3555 area. This will indicate a breakdown of the lower boundary of the channel and continued decline to the area below the level of 1.3015. The pair will be confirmed by a breakdown of the resistance area and closing prices above the level of 1.4265.
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 May 11 — 15, 2020 suggests an attempt to test the support area near the level of 1.3855. Further, continued growth with a target above the level of 1.4845. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). The cancellation of the rise development option will be a fall and a breakdown of the 1.3555 area. This will indicate a breakdown of the lower boundary of the channel and continued fall of the pair with a target below 1.3015.
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