Currency pair US Dollar to Canadian Dollar USD/CAD continues to move within the fall and the downward channel. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.2748. Moving averages indicate a short-term bearish trend for the pair. Prices went down from the area between the signal lines downward, which indicates pressure from sellers and a potential continuation of the fall of the pair in the near future. At the moment, we should expect an attempt to develop a decline and a test of the support level near the 1.2645 area. Further, a rebound upward and a continuation of the rise of the currency pair on Forex. A potential target of such a movement of the instrument is the area above the level of 1.3105.
USD/CAD Forecast Canadian Dollar January 6, 2021
An additional signal in favor of raising the Canadian Dollar quotes will be a test of the trend line on the relative strength index (RSI). The second signal in favor of growth will be the completion of the formation of the “Double Bottom” reversal pattern. Cancellation of the option to raise the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1.2565 area. This will indicate a breakdown of the support area and a continued decline in quotations to the area below the level of 1.2425. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.2995.
USD/CAD Forecast Canadian Dollar January 6, 2021 suggests an attempt to test the support area near the level of 1.2645. Further, continued growth to the area above the level of 1.3105. An additional signal in favor of a rise in the Canadian Dollar on 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 1.2565. This will indicate a continued decline in the value of the asset with a potential target below 1.2415.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
