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 1.3053. Moving averages indicate a short-term bearish trend in the pair. At the moment, we should expect an attempt to rise and test the resistance level near the 1.3115 area. Further, the rebound and the continuation of the fall of the currency pair. The potential goal of such a movement of quotations is an area below the level of 1.2885.
USD/CAD Forecast Canadian Dollar July 17, 2019
The formation of the «Head and Shoulders» model on the relative strength indicator will be in favor of the fall of the Canadian Dollar quotations. The second signal in favor of reduction 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 the breakdown of the 1.3205 area. This will indicate a breakdown of the resistance area and the continuation of the fall in quotations to the area above the level of 1.3315. Waiting for confirmation that the pair is falling is with the breakdown of the support area and closing of the USD/CAD quotes below the level of 1.2975.
USD/CAD Forecast Canadian Dollar July 17, 2019 implies an attempt to test the resistance area near the level of 1.3115. Further, the continuation of the fall in the area below 1.2885. An additional signal in favor of a pair falling on Forex will be the formation of a reversal pattern on the relative strength indicator. Cancellation of the fall of the Canadian Dollar will be a strong growth and the breakdown level of 1.3205. This will indicate a continuation of the climb with a potential target above level 1.3315.
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