The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.3066. The pair continues to move as part of the correction and the formation of the “Triangle” pattern. Moving averages indicate the presence of a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from the sellers of the currency pair and a potential continuation of the fall. At the moment, we should expect an attempt to develop a bullish correction and test of the resistance level near the area of 1.3225. Then, the continuation of the fall in quotations with a target below 1.2635.
USD/CAD Forecast and Analysis November 9 — 13, 2020
An additional signal in favor of reducing the USD/CAD currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to drop the USD/CAD currency pair quotes on the current trading session on November 9 — 13, 2020 will be a strong growth and a breakdown of the 1.3625 area. This will indicate a breakdown of the upper boundary of the model and continued growth to the area above 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.
USD/CAD Forecast and Analysis November 9 — 13, 2020 implies an attempt to test the resistance area near the level of 1.3225. Further, the continuation of the fall with the target below 1.2635. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall development option will be a strong growth and a breakdown of the 1.3625 area. This will indicate a breakdown of the upper boundary of the model and continued growth of the pair with a target above 1.3875.
