Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the fall 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 1.3259. Moving averages indicate a short-term downward trend in the pair. At the moment, we should expect an attempt to grow and test the resistance level near 1.3295. Further, the rebound and the continuation of the fall of the currency pair on Forex. The potential target of such a movement of quotes is an area below the level of 1.3160.
USD/CAD Forecast Canadian Dollar June 12, 2019
In favor of reducing the quotes of the Canadian Dollar, a test of the resistance area on the relative strength index (RSI) will come out. The second signal in favor of the fall will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling USD/CAD at FOREX will be a strong growth and the breakdown of the 1.3345 area. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 1.3445. 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 1.3235.
USD/CAD Forecast Canadian Dollar June 12, 2019 involves an attempt to test the resistance area near the level of 1.3295. Further, the continuation of the fall in the area below 1.3160. An additional signal in favor of the pair falling on Forex will be a test of the downward trend line on the relative strength index (RSI). Cancellation of the fall of the Canadian Dollar will be a strong growth and the breakdown level of 1.3345. This will indicate a continuation of the climb with a potential target above level 1.3445.