The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.2680. The pair continues to move within the correction and the downtrend channel, here the “Triangle” pattern is being formed. Moving averages indicate a bearish trend. Prices moved down from the area between the signal lines, which indicates 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 bullish correction and a test of the resistance level near the 1.2755 area. Then, a rebound down and the beginning of a fall in quotations with a target below the level of 1.2095.
USD/CAD Forecast and Weekly Analysis February 22 — 26, 2021
An additional signal in favor of the fall of 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 “Triangle” pattern. Cancellation of the option to drop the USD/CAD currency pair quotes on the current trading week February 22 — 26, 2021 will be a strong growth and a breakdown of the 1.2955 area. This will indicate a breakdown of the upper border of the “Triangle” model and a continuation of the rise to the area above the level of 1.3525. Confirmation of the fall in the pair will be a breakdown of the support area and closing of the price below the level of 1.2435, which will indicate a breakdown of the lower border of the “Triangle” model.
Among the important news from Canada that may have an impact on the Canadian Dollar rate, it is worth highlighting: Bank of Canada (BoC) Governor Macklem Speech.
USD/CAD Forecast and Weekly Analysis February 22 — 26, 2021 suggests an attempt to test the resistance area near the level of 1.2755. Further, the continuation of the fall with the target below the level of 1.2095. 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 1.2955 area. This will indicate a breakdown of the upper border of the “Triangle” model and the continuation of the rise in the pair with a target above 1.3525.
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