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 1.3217. Moving averages indicate the presence of a short-term bearish trend for the pair. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.3125. Further, the rebound and continued growth of the currency pair. The potential target of this movement of quotes is the area above the level of 1.3505.
USD/CAD Forecast Canadian Dollar August 7, 2019
In favor of the growth of quotations of the Canadian Dollar, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the rise will be a rebound from the lower boundary of the bullish channel. Cancellation of the USD/CAD growth option at FOREX will be a fall and a breakdown of the 1.3075 area. This will indicate a breakdown of the support area and continued decline in quotations to the area below the level of 1.2965. Expect confirmation of the pair’s growth with the breakdown of the resistance area and the closing of the USD/CAD quotes above the level of 1.3295.
Among the important news from Canada, which may affect the rate of the USD/CAD pair, it is worth highlighting: Ivey Canada Purchasing Managers Index (PMI).
USD/CAD Forecast Canadian Dollar August 7, 2019 implies an attempt to test the support area near the level of 1.3125. Further, continued growth to the area above the level of 1.3505. An additional signal in favor of raising the pair on Forex will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option of the Canadian Dollar will be a fall and a breakdown of the level of 1.3075. This will indicate a continued decline with a potential target below 1.2965.
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