Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of 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 1.3230. Moving averages indicate the presence of a short-term bearish trend for the pair. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.3245. Further, a rebound and continued decline in the currency pair. A potential target of this movement of quotes is the area below the level of 1.2990.
USD/CAD Forecast Canadian Dollar August 6, 2019
In favor of the fall of the Canadian Dollar quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of the decline will be a rebound from the upper boundary of the ascending channel. Cancellation of the option of falling USD/CAD on Forex will be a strong growth and a breakdown of the area of 1.3355. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 1.3490. Expect confirmation of a fall in the pair with the breakdown of the support area and closing of the USD/CAD quotes below the level of 1.3105.
USD/CAD Forecast Canadian Dollar August 6, 2019 suggests an attempt to test the resistance area near the level of 1.3245. Further, the continuation of the decline to the area below the level of 1.2990. An additional signal in favor of the fall of the pair on Forex will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the Canadian Dollar will be a strong growth and a breakdown of the level of 1.3355. This will indicate a continuation of the rise with a potential target above the level of 1.3490.
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