Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and the bearish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3041. Moving averages indicate the presence of a short-term bearish trend for the pair. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.3075. 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 1.2885.
USD/CAD Forecast Canadian Dollar January 14, 2020
An additional signal in favor of the fall of the Canadian Dollar quotes will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the decline will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling USD/CAD on FOREX will be a strong growth and a breakdown of the 1.3135 area. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the area of 1.3295. 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 1.2935.
USD/CAD Forecast Canadian Dollar January 14, 2020 suggests an attempt to test the resistance area near the level of 1.3075. Further, the continuation of the fall to the area below the level of 1.2885. An additional signal in favor of lowering the Canadian Dollar at Forex will be a test of the resistance line 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 1.3135. This will indicate a continuation of the rise with a potential target above the level of 1.3295.