Currency pair US Dollar Canadian Dollar USD/CAD continues to move in the framework of the correction and the formation of a bull pattern «Wolfe Wave». At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3096. Moving averages indicate a short-term bearish trend in the pair. At the moment, we should expect an attempt to reduce and test the support level near 1.3060. Further, the rebound and the continuation of the growth of the currency pair on FOREX. The potential target of such a movement of quotes is an area above the level of 1.3325.
USD/CAD Forecast Canadian Dollar July 2, 2019
In favor of the growth of quotations of the Canadian Dollar will test the support line on the indicator of relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the «Wolfe Wave» model. Cancellation of the option of falling USD/CAD at Forex will be a strong growth and the breakdown of the area of 1.3025. This will indicate a breakdown of the support area and the continuation of the fall in quotations to the area below the level of 1.2915. 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 1.3165.
USD/CAD Forecast Canadian Dollar July 2, 2019 implies an attempt to test the support area near the level of 1.3060. Further, the continuation of growth in the region above the level of 1.3325. An additional signal in favor of raising the pair at Forex will be a test of the rising trend line on the relative strength index (RSI). Cancellation of the growth of the Canadian Dollar will be the fall and the breakdown of the level of 1.3025. This will indicate continued decline with a potential target below 1.2915.