The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.2907. The pair continues to move within the framework of the growth and the formation of the downward “Wolfe Wave” pattern. Moving averages indicate a bearish trend. Prices are again 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 growth and test the resistance level near the 1.3065 area. Then, a rebound down and the beginning of a fall in quotations with a target below 1.2335.
USD/CAD Forecast and Weekly Analysis August 23 — 27, 2021
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 ”Wolfe Wave” pattern. Cancellation of the option of falling quotations of the USD/CAD currency pair in the current trading week August 23 — 27, 2021 will be a strong growth and a breakdown of the 1.3205 area. This will indicate a breakdown of the upper boundary of the model and continued growth to the area above the level of 1.3465. Confirmation of the fall in the pair will be the breakdown of the support area and the closing of the price below 1.2735.
USD/CAD Forecast and Weekly Analysis August 23 — 27, 2021 suggests an attempt to test the resistance area near the level of 1.3065. Further, the continuation of the fall with the target below the level of 1.2335. 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 1.3205 area. This will indicate a breakdown of the upper boundary of the ”Wolfe Wave” model and continued growth of the pair with a target above 1.3465.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link