The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.2711. 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 went down from 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 a downward correction and a test of the support level near the 1.2455 area. Then, a rebound down and the beginning of the growth of quotations with a target above the level of 1.3405.
USD/CAD Forecast and Weekly Analysis March 8 — 12, 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 quotes in the current trading week on March 8 — 12, 2021 will be a fall and a breakdown of the 1.2245 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 1.1935. 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 1.2825.
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, Canada Employment Change.
USD/CAD Forecast and Weekly Analysis March 8 — 12, 2021 suggests an attempt to test the support area near the level of 1.2455. Further, continued growth with a target above the level of 1.3405. 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 1.2245 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 1.1935.
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