Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the correction and the upward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3137. Moving averages indicate the presence of a short-term upward trend for the pair. At the moment, we should expect an attempt to reduce and test the support level near 1.3110. Further, the rebound and the continued growth of the currency pair. A potential target of such a movement of quotes is an area above the level of 1.3235.
USD/CAD Forecast Canadian Dollar August 1, 2019
In favor of the growth of quotations of the Canadian Dollar will test a downward trend line on the indicator of relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for USD/CAD at FOREX will be a fall and a breakdown of the 1.3075 area. This will indicate a breakdown of the support area and the continuation of falling quotations to the area below the level of 1.2905. It is worth waiting for the confirmation of the pair growth with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.3205.
USD/CAD Forecast Canadian Dollar August 1, 2019 involves an attempt to test the support area near the level of 1.3110. Further, the continuation of growth in the region above the level of 1.3235. An additional signal in favor of raising the pair at Forex will be the test of the support line on the relative strength indicator. Cancellation of the growth of the Canadian Dollar will be the fall and the breakdown of the level of 1.3075. This will indicate continued decline with a potential target below 1.2905.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
