Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the fall and the formation of the bullish “Wolfe Wave” pattern. At the time of publication of the forecast, the US Dollar to the Canadian Dollar is 1.2507. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the price pair’s fall in the near future. At the moment, we should expect an attempt to develop a price reduction and a test of the support level near the area of 1.2395, where the lower border of the bullish model is located. Further, a rebound upwards and continued growth of the currency pair on Forex. The potential target of such movement of the instrument is the area above the level of 1.2755 as part of the development of this pattern.
USD/CAD Forecast Canadian Dollar April 22, 2022
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower border of the Wolfe Wave pattern. Cancellation of the growth option for the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1.2275 area. This will indicate a breakdown of the support area and a continuation of the fall in quotes to the area below the level of 1.2005. It is worth waiting for confirmation of the rise of the pair with the breakdown of the resistance area and the closing of the quotes of the USD/CAD pair above the level of 1.2605, which will indicate the breakdown of the upper border of the Wolfe Wave model.
Among the important news from Canada that may have an impact on the USD/CAD pair, it is worth highlighting: Canada Core Retail Sales m/m, Canada Retail Sales m/m.
USD/CAD Forecast Canadian Dollar April 22, 2022 suggests an attempt to test the support area near the level of 1.2395. Further, continued growth to the area above the level of 1.2755. An additional signal in favor of a decrease in the Canadian Dollar at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling USD/CAD quotes will be a strong growth and a breakdown of the level of 1.2275. This will indicate a continued rise in the value of the asset with a potential target above the level of 1.2005.
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