Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the decline and the formation of the reversal pattern of the inverted «Head and Shoulders». At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3120. Moving averages indicate the presence of a short-term bearish trend for the pair. At the moment, we should expect an attempt to fall and test the support level near the area of 1.3090. Further, the rebound and continued growth of the currency pair. The potential target of such a movement of the instrument on Forex quotes is the area above the level of 1.3365.
USD/CAD Forecast Canadian Dollar December 20, 2019
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 growth will be the completion of the formation of a reversal model. Cancellation of the USD/CAD growth option at Forex will be a fall and a breakdown of the 1.3045 area. This will indicate a breakdown of the support area and a continued decline in quotations to the area below 1.2905. Expect to accelerate the growth of the pair is with the breakdown of the resistance area and the closing of the pair USD/CAD quotes above the level of 1.3205.
Among the important news from Canada, which may affect the USD/CAD pair, it is worth highlighting: Canada Retail Sales m/m, Canada Core Retail Sales m/m.
USD/CAD Forecast Canadian Dollar December 20, 2019 implies an attempt to test the support area near the level of 1.3090. Further, continued growth to the area above the level of 1.3365. An additional signal in favor of raising the Canadian Dollar on Forex will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for USD/CAD quotes will be a fall and a breakdown of the level of 1.3045. This will indicate a continued decline with a potential target below 1.2905.
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