Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction 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 1.3538. Moving averages indicate the presence of a short-term lateral trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from sellers and a continued fall in prices in the near future. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.3605. 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 1.3085.
USD/CAD Forecast Canadian Dollar June 23, 2020
An additional signal in favor of the fall of the Canadian Dollar quotes will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the decline will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling USD/CAD on Forex will be a strong growth and a breakdown of the area of 1.3885. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 1.4255. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing of the pair USD/CAD below the level of 1.3405.
USD/CAD Forecast Canadian Dollar June 23, 2020 implies an attempt to test the support area near the level of 1.3605. Further, continued growth to the area above the level of 1.3085. An additional signal in favor of raising the Canadian Dollar at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of raising the USD/CAD quotes will be a strong growth and the breakdown level of 1.3885. This will indicate a continued fall with a potential target below 1.4255.
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