Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the correction 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 1.3258. At the moment, we should expect an attempt to fall and a test of the support level near 1.3160. Further, the continued growth of the currency pair in Forex. The potential goal of raising quotes is the area above the level of 1.3530.
USD/CAD Forecast Canadian Dollar February 15, 2019
In favor of the growth of quotations of the Canadian Dollar will test the line of support on the indicator of relative strength index (RSI). As well as the formation of a reversal pattern on the price chart. Cancellation of growth options for USD/CAD at Forex will be the fall and breakdown of the 1.3065 area. This will indicate a breakdown of the lower boundary of the model and the continuation of the fall in quotations to the area below the level of 1.2950. It is worth waiting for the confirmation of the pair growth with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.3315.
USD/CAD Forecast Canadian Dollar February 15, 2019 implies an attempt to test the support area near the level of 1.3160. Further, the continuation of growth in the region above the level of 1.3530. An additional signal in favor of the pair growth at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the Canadian Dollar rise option will be the fall and breakdown of the level of 1.3065. This will indicate a continued decline with a potential target below 1.2950.