The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.3122. The pair continues to move as part of the correction and the formation of the “Double Bottom” reversal pattern. Moving averages indicate a bearish trend. Prices have moved down from the area between the signal lines, which indicates pressure from sellers of the currency pair and a potential continuation of the fall. expect an attempt to develop a decline and test the support level near the 1.3055 area, then continue the growth of quotations with a target above 1.3675.
USD/CAD Forecast and Analysis November 16 — 20, 2020
An additional signal in favor of raising the USD/CAD currency pair will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the reversal pattern. Cancellation of the option of raising the quotes of the USD/CAD currency pair on the current trading session on November 16 — 20, 2020 will be a fall and a breakdown of the 1.2825 area. This will indicate a breakdown of the lower boundary of the model and a continuation of the fall to the area below the level of 1.3875. Confirmation of a fall in the pair will be a breakdown of the support area and closing prices below 1.2865.
Among the important news from Canada, which may have an impact on the Canadian Dollar rate, it is worth highlighting: Canada Core Retail Sales m/m, Canada Retail Sales m/m, Bank of Canada (BoC) Governor Macklem Speech.
USD/CAD Forecast and Analysis November 16 — 20, 2020 suggests an attempt to test the support area near the level of 1.3055. Further, continued growth with a target below 1.3675. 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 growth development option will be a fall and a breakdown of the 1.2825 area. This will indicate a breakdown of the lower border of the reversal pattern and the continuation of the pair’s fall with a target below 1.2545.
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