Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3298. Moving averages indicate a short-term bullish trend for the pair. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.3315. Further, a rebound and continued decline in the currency pair. The potential target of this movement of quotes is the area below the level of 1.3035.
USD/CAD Forecast Canadian Dollar August 29, 2019
In favor of the fall in quotes of the Canadian Dollar, a test of the broken trend line on the relative strength index (RSI) will come out. The second signal in favor of reducing will be a rebound from the upper boundary of the «Triangle» model. Cancellation of the option of falling USD/CAD on FOREX will be a strong growth and a breakdown of the area of 1.3385. This will indicate a breakdown of the upper border of the downward channel and continued growth of quotations in the area above the area of 1.3685. Expect to accelerate the decline in the pair is with the breakdown of the support area and closing of the USD/CAD quotes below the level of 1.3175.
USD/CAD Forecast Canadian Dollar August 29, 2019 suggests an attempt to test the resistance area near the level of 1.3315. Further, the continuation of the decline to the area below the level of 1.3035. An additional signal in favor of lowering the Canadian Dollar at Forex will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce USDCAD will be a strong growth and the breakdown level of 1.3385. This will indicate a continuation of the rise with a potential target above the level of 1.3685.
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