The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3467. 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 1.3265 area. Then, the growth of quotations with the goal above the level of 1.3945.
USD/CAD Forecast and Analysis May 6 — 10, 2019
The test of the support line on the indicator of relative strength index (RSI) will be in favor of raising the USD/CAD currency pair. The second signal will be a rebound from the lower boundary of the bullish channel. Cancellation of the growth option of the USD/CAD quotes in the current trading week from May 6 to 10, 2019 will be a fall and a breakdown of the 1.3105 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 1.2785. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closure above 1.3625.
Important news from Canada that can affect the Canadian Dollar rate is worth highlighting: Bank of Canada (BoC) Governor Poloz Speech, Ivey Canada Purchasing Managers Index (PMI), Canada Employment Change.
USD/CAD Forecast and Analysis May 6 — 10, 2019 implies an attempt to test the support area near the level of 1.3265. Further, the continuation of growth with a target above the level of 1.3945. 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 1.3105 area. This will indicate a breakdown of the lower boundary of the channel and a continued decline in the pair.
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