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 1.3567. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from sellers and a continued fall in prices in the near future. At the moment, we should expect an attempt to develop a correction and a test of the support level near the area of 1.3505. Further, the rebound and continued growth of the currency pair on Forex. The potential target of this movement of the instrument is the area above the level of 1.3765.
USD/CAD Forecast Canadian Dollar July 14, 2020
An additional signal in favor of raising the Canadian Dollar quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be the completion of the formation of the head and shoulders reversal pattern. Cancellation of the USD/CAD growth option at Forex will be a fall and a breakdown of the 1.3425 area. This will indicate a breakdown of the support area and continued decline in quotations to the area below the level of 1.3145. Expect acceleration of the pair’s rise with the breakdown of the resistance area and the closing of the USD/CAD quotes above the level of 1.3645, which will indicate that the formation of the «Head and Shoulders» reversal pattern is inverted.
Among the important news from Canada, which may affect the rate of the USD/CAD pair, it is worth highlighting: Canada Employment Change.
USD/CAD Forecast Canadian Dollar July 14, 2020 suggests an attempt to test the support area near the level of 1.3505. Further, continued growth to the area above the level of 1.3765. 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 1.3425. This will indicate a continued fall with a potential target below the level of 1.3145.
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