The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.3074. The pair continues to move within the decline and the downtrend channel. 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 1.2975 area. Then, the continued growth of quotations with a target above the level of 1.3645.
USD/CAD Forecast and Analysis September 7 — 11, 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 for the USD/CAD currency pair quotes in the current trading week September 7 — 11, 2020 will be a fall and a breakdown of the 1.2755 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 1.2335. Confirmation of growth for the pair will be a breakdown of the resistance area and closing prices above 1.3325.
Among the important news from Canada that may have an impact on the Canadian Dollar rate, it is worth highlighting: Bank of Canada (BoC) Interest Rate Decision, Statement by Bank of Canada (BoC) Governor Macklem Speech.
USD/CAD Forecast and Analysis September 7 — 11, 2020 suggests an attempt to test the support area near the level of 1.2975. Further, continued growth with a target above 1.3645. 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 1.2755 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 1.2335.
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