USD/CAD Forecast and Analysis October 7 — 11, 2019


The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3328. The pair continues to move within the correction and the upward channel. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of ​​1.3255. Then continued growth of quotations with a target above the level of 1.3830.

USD/CAD Forecast and Analysis October 7 — 11, 2019

In favor of the rise of the USD/CAD currency pair, a test of the rising 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 USD/CAD quotes in the current trading week from October 7 — 11, 2019 will be a fall and a breakdown of the area of ​​1.2995. This will indicate a breakdown of the lower boundary of the channel and the continuation of the fall to the area below the level of 1.2655. A confirmation of the growth and development of the bullish trend for the pair will be a breakdown of the upper boundary of the downward channel and closing above the level of 1.3605.

USD/CAD Forecast and Analysis October 7 — 11, 2019

Among the important news from Canada that may have an impact on the Canadian Dollar, it is worth highlighting: Canada Employment Change.

USD/CAD Forecast and Analysis October 7 — 11, 2019 implies an attempt to test the support area near the level of 1.3255. Further, the continuation of the rise with a target above the level of 1.3830. 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 upward trend development option will be a fall and a breakdown of the area of ​​1.2995. This will indicate a breakdown of the lower boundary of the channel and continued decline in the pair with a target below 1.2655.


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