Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3562. Moving averages indicate a short-term bullish trend for the pair. Prices have broken down the area between the signal lines, which indicates pressure from sellers and the potential continuation of the fall in prices in the near future. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of 1.3620. Further, a bounce down and the continued fall of the currency pair on Forex. The potential target of this movement of the instrument is the area below the level of 1.3425.
USD/CAD Forecast Canadian Dollar July 16, 2020
An additional signal in favor of falling quotes of the Canadian Dollar will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of falling will be a rebound from the upper boundary of the downward channel. Cancellation of the option to reduce USD/CAD at FOREX will be a strong growth and a breakdown of the 1.3675 area. This will indicate a breakdown of the resistance area and a continued rise in quotations to the area above the level of 1.3985. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing of the USD/CAD quotes below the level of 1.3505.
USD/CAD Forecast Canadian Dollar July 16, 2020 suggests an attempt to test the resistance area near the level of 1.3620. Further, the continuation of the fall to the area below the level of 1.3425. An additional signal in favor of the fall of the Canadian Dollar at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce USD/CAD quotes will be a strong growth and a breakdown of the level of 1.3675. This will indicate a continuation of the rise with a potential target above the level of 1.3985.
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