Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the growth and the beginning of the formation of the inverted «Head and Shoulders» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3293. Moving averages indicate a short-term bullish trend for the pair. Prices pushed off the level of signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.3310. Further, the rebound and continued fall of the currency pair. The potential target of such a movement of the instrument on Forex quotes is the area below the level of 1.3140.
USD/CAD Forecast Canadian Dollar December 3, 2019
In favor of the fall of the Canadian Dollar quotes, a test of the resistance area on the relative strength index (RSI) will come out. The second signal in favor of lowering is the beginning of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling USD/CAD on FOREX will be a strong growth and a breakdown of the area of 1.3375. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the area of 1.3605, as well as the abolition of the formation of the head and shoulders reversal pattern. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing of the USD/CAD quotes below the level of 1.3245.
USD/CAD Forecast Canadian Dollar December 3, 2019 implies an attempt to test the resistance area near the level of 1.3310. Further, the continuation of the fall to the area below the level of 1.3140. An additional signal in favor of lowering the Canadian Dollar at Forex will be a test of the resistance area on the relative strength index (RSI). Cancellation of the option of falling quotes USD/CAD will be a strong growth and the breakdown level of 1.3375. This will indicate a continuation of the rise with a potential target above the level of 1.3605.