Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the growth and left the limits of the downward channel. At the time of publication of the forecast, the US Dollar to the Canadian Dollar is 1.2547. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the price pair in the near future. At the moment, we should expect an attempt to develop a fall in prices and a test of the support level near the area of 1.2465. 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 1.2805.
USD/CAD Forecast Canadian Dollar April 8, 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 upper border of the descending channel, as well as from the lower curtain of the ”Head and Shoulders” pattern. Cancellation of the growth option for the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1.2325 area. This will indicate a breakdown of the support area and a continued fall in quotes to the area below the level of 1.2135. 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 1.2640, which will indicate the breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of this pattern.
Among the important news from Canada that may have an impact on the USD/CAD pair, it is worth highlighting: Canada Employment Change.
USD/CAD Forecast Canadian Dollar April 8, 2022 suggests an attempt to test the support area near the level of 1.2465. Further, continued growth to the area above the level of 1.2805. 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 1.2325. This will indicate a continued rise in the value of the asset with a potential target above the level of 1.2135.
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