Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and the downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.4114. Moving averages indicate the presence of a short-term lateral trend for the pair. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.4175. Further, the rebound and continued fall of the currency pair on Forex. The potential target of this movement of the instrument is the area below the level of 1.3645.
USD/CAD Forecast Canadian Dollar April 7, 2020
An additional signal in favor of falling quotes of the Canadian Dollar will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of falling will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling USD/CAD on Forex will be a strong growth and a breakdown of the area of 1.4335. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the area of 1.4655. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing of the USD/CAD quotes below the level of 1.3935, which will indicate a breakdown of the lower boundary of the Triangle model.
Among the important news from Canada, which may affect the rate of the USD/CAD pair, it is worth highlighting: Ivey Canada Purchasing Managers Index (PMI).
USD/CAD Forecast Canadian Dollar April 7, 2020 suggests an attempt to test the resistance area near the level of 1.4175. Further, the continuation of the fall to the area below the level of 1.3645. An additional signal in favor of the fall of the Canadian Dollar at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the USD/CAD quotes will be a strong growth and a breakdown of the level of 1.4335. This will indicate a continuation of the rise with a potential target above the level of 1.4655.
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