Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the correction and the formation of the «Head and Shoulders» model. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.3186. At the moment, we should expect an attempt to fall and a test of the support level near the 1.3145 area. Further, the continued growth of the currency pair in FOREX. The potential target of raising quotes is the area above the level of 1.3495.
USD/CAD Forecast Canadian Dollar February 21, 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 a rebound from the level of the formation of the right shoulder of the model. Cancellation of growth options for USD/CAD at Forex will be a fall and a breakdown of the 1.3045 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 1.2945. 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 1.3325.
Among the important news from Canada that may have an impact on the course of the pair USD/CAD, it is worth highlighting: Speech by the head of the Bank of Canada.
USD/CAD Forecast Canadian Dollar February 21, 2019 implies an attempt to test the support area near the level of 1.3145. Further, the continuation of growth in the region above the level of 1.3495. An additional signal in favor of raising the pair at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth of the Canadian Dollar will be the fall and the breakdown level of 1.3045. This will indicate a continuation of the decline with a potential target below 1.2945.