Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of a decline and a downward channel. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.3309. Moving averages indicate a short-term bearish trend for the pair. Prices bounced off the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in prices in the near future. At the moment, we should expect an attempt to develop a decline and test the support level near the 1.3270 area. Further, an upward rebound and continued growth of the currency pair on Forex. A potential target of such a movement of the instrument is the area above the level of 1.3495.
USD/CAD Forecast Canadian Dollar August 12, 2020
An additional signal in favor of raising 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 growth of the formation of the inverted «Head and Shoulders» reversal pattern. Cancellation of the option to raise USD/CAD on Forex will be a fall and a breakdown of the 1.3190 area. This will indicate a breakdown of the support area and a continued decline in quotations to the area below the level of 1.2825. The pair is expected to accelerate growth with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.3475.
USD/CAD Forecast Canadian Dollar August 12, 2020 suggests an attempt to test the support area near the level of 1.3270. Further, continued growth to the area above the level of 1.3495. An additional signal in favor of a rise in the Canadian Dollar on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the USD/CAD quotes will be a fall and a breakdown of the level of 1.3190. This will indicate a continued decline in the value of the asset with a potential target below 1.2825.
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