Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the correction and the downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3116. Moving averages indicate a short-term downward trend in the pair. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.3055. Further, the rebound and the continuation of the growth of the currency pair on Forex as part of the beginning of the development of the ascending model «Wolfe Wave». The potential target of such a movement of quotes is an area above the level of 1.3405.
USD/CAD Forecast Canadian Dollar July 10, 2019
In favor of the growth of quotations of the Canadian Dollar will test the support line on the indicator of relative strength. The second signal in favor of growth will be a rebound from the support area. Cancellation of growth options for USD/CAD at FOREX will be a fall and a breakdown of the 1.2975 area. This will indicate a breakdown of the support area and the continuation of the fall of quotations to the area below the level of 1.2855. 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 1.3185.
Among the important news from Canada that may affect the rate of the USD/CAD pair, it is worth highlighting: Bank of Canada (BoC) Interest Rate Decision, Bank of Canada (BoC) Monetary Policy Report Press Conference.
USD/CAD Forecast Canadian Dollar July 10, 2019 implies an attempt to test the support area near the level of 1.3055. Further, the continuation of growth in the region above the level of 1.3405. An additional signal in favor of raising the pair at FOREX will be a test of the rising trend line on the relative strength indicator. Cancellation of the growth of the Canadian Dollar will be the fall and the breakdown level of 1.2975. This will indicate a continuation of the decline with a potential target below 1.2855.