The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.3168. The pair continues to move as part of the decline and the formation of the “Wedge” pattern. Moving averages indicate a bearish trend. Prices moved down from the area between the signal lines, which indicates high pressure from sellers of the currency pair and a potential continuation of the fall. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the 1.2975 area. Then, the continued growth of quotations with a target above the level of 1.3695.
USD/CAD Forecast and Analysis September 14 — 18, 2020
A test of the support line on the relative strength index (RSI) will be in favor of the growth of the USD/CAD currency pair. The second signal will be a rebound from the support level on the price chart, as you can see, prices have already repelled from this level twice. Cancellation of the growth option of the USD/CAD currency pair quotes for the current trading week September 14 — 18, 2020 will be a fall and a breakdown of the 1.2745 area. This will indicate a breakdown of the lower border of the channel and a continuation of the fall to the area below the level of 1.2315. Confirmation of growth for the pair will be a breakdown of the resistance area and closing prices above 1.3325.
Important news from Canada, which may affect the Canadian Dollar rate, is not expected, so the pair will continue to move within the framework of technical analysis.
USD/CAD Forecast and Analysis September 14 — 18, 2020 implies an attempt to test the support area near the level of 1.2975. Further, continued growth with a target above the level of 1.3695. An additional signal in favor of growth 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 1.2745 area. This will indicate a breakdown of the lower border of the channel and the continuation of the pair’s fall with a target below 1.2315.
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