Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the bullish correction and the 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 1.3597. Moving averages indicate a short-term bearish trend for the pair. Prices have gone down from the area between the signal lines, which indicates pressure from sellers and the continued 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 1.3665. Further, the rebound and continued fall of the currency pair on FOREX. The potential target of this movement of the instrument is the area below the level of 1.3315.
USD/CAD Forecast Canadian Dollar July 8, 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 reduction will be the completion of the formation of a reversal model. Cancellation of the option of falling USD/CAD on FOREX will be a strong growth and a breakdown of the area of 1.3755. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 1.4055. 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 1.3475, which will indicate a breakdown of the lower border of the «Head and Shoulders» model.
USD/CAD Forecast Canadian Dollar July 8, 2020 suggests an attempt to test the resistance area near the level of 1.3665. Further, the continuation of the fall to the area below the level of 1.3315. An additional signal in favor of reducing the Canadian Dollar at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotes USD/CAD will be a strong growth and the breakdown level of 1.3755. This will indicate a continuation of the rise with a potential target above the level of 1.4055.
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