The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.3177. 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 the 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 1.3025 area. Then, the continued growth of quotations with a target above the level of 1.3665.
USD/CAD Forecast and Analysis September 21 — 25, 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, the current test can also trigger the start of growth. Cancellation of the option to raise the quotes of the USD/CAD currency pair in the current trading week 21 — 25, 2020 will be a fall and a breakdown of the 1.2735 area. This will indicate a breakdown of the lower border of the channel and a continued fall to the area below 1.2305. Confirmation of the growth in the pair will be the breakdown of the resistance area and the closing of prices above the level of 1.3325, such a movement will indicate a breakdown of the upper boundary of the model and the beginning of its development.
USD/CAD Forecast and Analysis September 21 — 25, 2020 suggests an attempt to test the support area near the level of 1.3025. Further, continued growth with a target above the level of 1.3665. 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 1.2735 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 1.2305.
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