Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the decline and the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3195. Moving averages indicate a short-term bullish trend for the pair. Prices pierced the area between the signal lines, indicating pressure from sellers. At the moment, we should expect an attempt to fall and test the support level near the area of 1.3135. 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 1.3445.
USD/CAD Forecast Canadian Dollar December 6, 2019
In favor of raising the quotes of the Canadian Dollar, a test of the support line on the relative strength index (RSI) will come out. The second signal in favour 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 1.3065 area. This will indicate a breakdown of the support area and a continued fall in quotations to the area below 1.2915. 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 1.3345.
Among the important news from Canada, which may affect the rate of the USD/CAD pair, it is worth highlighting: Canada Employment Change.
USD/CAD Forecast Canadian Dollar December 6, 2019 implies an attempt to test the support area near the level of 1.3135. Further, continued growth to the area above the level of 1.3445. 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 1.3065. This will indicate a continued decline with a potential target below 1.2915.
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