Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the correction and the downward channel. At the time of publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3107. Moving averages indicate a short-term downward trend in the pair. At the moment, we should expect an attempt to fall and a test of the support level near the area of 1.3065. Further, the rebound and the continued growth of the currency pair. The potential target of such a movement of quotes is an area above the level of 1.3215.
USD/CAD Forecast Canadian Dollar July 23, 2019
In favor of the growth of quotations of the Canadian Dollar will test the rising trend line on the indicator of relative strength. The second signal in favor of the rise will be the breakdown of the upper boundary of the downward channel. Cancellation of growth options for USD/CAD at Forex will be a fall and a breakdown of the area of 1.2990. This will indicate a breakdown of the support area and the continuation of the fall in quotations to the area below the level of 1.2825. It is worth waiting for the confirmation of the pair’s growth with the breakdown of the resistance area and the closing of the USD/CAD quotes above the level of 1.3135.
USD/CAD Forecast Canadian Dollar July 23, 2019 implies an attempt to test the support area near the level of 1.3065. Further, the continuation of growth in the region above the level of 1.3215. An additional signal in favor of raising the pair at Forex will be the test of the support line on the relative strength indicator. Cancellation of the growth of the Canadian Dollar will be the fall and the breakdown level of 1.2990. This will indicate a continuation of the decline with a potential target below 1.2825.
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