The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.2470. The pair continues to move within the framework of the correction 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 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 downward correction and a test of the support level near the 1.2345 area. Then, a rebound upward and the beginning of growth in quotations with a target above the level of 1.3615.
USD/CAD Forecast and Weekly Analysis March 22 — 26, 2021
An additional signal in favor of raising the USD/CAD currency pair will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the Wedge pattern. Cancellation of the growth option for the USD/CAD currency pair in the current trading week March 22 — 26, 2021 will be a fall and a breakdown of the 1.2235 area. This will indicate a breakdown of the lower boundary of the ”Wedge” model and a continuation of the rise to the area below the level of 1.1955. Confirmation of the rise in the pair will be the breakdown of the resistance area and the closing of the price above the level of 1.2705.
Important news from Canada, which may have an impact on the Canadian Dollar rate, is not expected, so the pair will continue to move within the framework of technical analysis.
USD/CAD Forecast and Weekly Analysis March 22 — 26, 2021 suggests an attempt to test the support area near the level of 1.2345. Further, continued growth with a target above the level of 1.3615. An additional signal in favor of the rise 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 1.2235 area. This will indicate a breakdown of the lower boundary of the ”Wedge” model and the continuation of the fall of the pair with a target below 1.1955.
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