Currency pair US Dollar Canadian Dollar USD/CAD continues to move in the framework of the correction. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.3118. At the moment, we should expect an attempt to fall and a test of the support level near the 1.3065 area. Further, the continued growth of the currency pair in FOREX. The potential target of raising quotes is the area above the level of 1.3395.
USD/CAD Forecast Canadian Dollar February 6, 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 the bull pattern «Wolfe Wave». Cancellation of growth options for USD/CAD at FOREX will be the fall and breakdown of the 1.2970 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 1.2750. 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 1.3195.
USD/CAD Forecast Canadian Dollar February 6, 2019 implies an attempt to test the support area near the level of 1.3065. Further, the continuation of growth in the region below the level of 1.3395. 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 option lifting the Canadian Dollar will fall and the breakdown level of 1.2970. This will indicate a continuation of the decline with a potential target below 1.2750.