Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of strong growth and a bullish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3223. Moving averages indicate the presence of a short-term bullish trend for the pair. At the moment, we should expect an attempt to fall and test the support level near the area of 1.3145. Further, the rebound and continued growth of the currency pair. The potential target of such a movement of the instrument on the Forex is the area above the level of 1.3395.
USD/CAD Forecast Canadian Dollar January 31, 2020
An additional signal in favor of the growth of quotes of the Canadian Dollar will be a test of a broken trend line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the upper boundary of the downward channel. Cancellation of the option to raise USD/CAD on FOREX will be a fall and a breakdown of the 1.3075 area. This will indicate a breakdown of the support area and a continued decline in quotations to the area below 1.2925. Expect to accelerate the growth of the pair is with the breakdown of the resistance area and the closing of the pair USD/CAD quotes above the level of 1.3285.
Among the important news from Canada, which may affect the rate of the USD/CAD pair, it is worth highlighting: Canada Gross Domestic Product (GDP) m/m.
USD/CAD Forecast Canadian Dollar January 31, 2020 implies an attempt to test the support area near the level of 1.3145. Further, continued growth to the area above the level of 1.3395. An additional signal in favor of raising the Canadian Dollar at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for USD/CAD quotes will be a fall and a breakdown of the level of 1.3075. This will indicate a continued fall with a potential target below 1.2925.
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