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 exchange rate of the US dollar to the Canadian Dollar is 1.3235. At the moment, we should expect an attempt to reduce and test the support level near 1.3215. Further, the continuation of the rise of the currency pair on Forex. The potential target of the growth of quotations is the area above the level of 1.3560.
USD/CAD Forecast Canadian Dollar January 31, 2019
In favor of the growth of quotations of the Canadian Dollar will test the area of support on the indicator of relative strength index (RSI). As well as a rebound from the lower boundary of the rising channel. Cancellation of the growth option for USD/CAD at FOREX will be a fall and a breakdown of the 1.3135 area. This will indicate a breakdown of the lower boundary of the channel 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 1.3385. That will indicate the completion of the formation of the «Double Bottom» reversal pattern.
Among the important news from Canada, which may have an impact on the course of the pair USD/CAD, it is worth highlighting: Changes in GDP.
USD/CAD Forecast Canadian Dollar January 31, 2019 involves an attempt to test the support area near the level of 1.3215. Further, the continuation of growth in the region above the level of 1.3560. 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 1.3135. This will indicate a continued decline with a potential target below 1.2950.