Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the growth and the formation of the “Triangle” model. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.2081. Moving averages indicate a short-term bearish trend for the pair. Prices broke through the areas between the signal lines upward, which indicates pressure from buyers and a potential continuation of the price pair’s growth in the near future. At the moment, we should expect an attempt to develop a fall and a test of the support level near the 1.2045 area. Further, an upward rebound and continued growth of the currency pair on Forex. The potential target of such a movement of the instrument is the area above the level of 1.2255.
USD/CAD Forecast Canadian Dollar June 1, 2021
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower border of the bullish “Triangle” pattern. Cancellation of the growth option for the USD/CAD currency pair at Forex will be a fall and a breakdown of the 1.1975 area. This will indicate a breakdown of the support area and a continued fall in quotations to the area below the level of 1.1705. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.2165, which will indicate a breakdown of the upper border of the “Triangle” model.
Among the important news from Canada, which may have an impact on the rate of the USD/CAD pair, it is worth highlighting: Canada Gross Domestic Product (GDP) m/m.
USD/CAD Forecast Canadian Dollar June 1, 2021 suggests an attempt to test the support area near the level of 1.2045. Further, continued growth to the area above the level of 1.2255. An additional signal in favor of the growth of the Canadian Dollar on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the USD/CAD quotes will be a fall and a breakdown of the level of 1.1975. This will indicate a continued decline in the value of the asset with a potential target below 1.1705.
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