Currency pair US Dollar Canadian Dollar USD/CAD continues to move in the framework of a strong downward correction and the upward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3384. Moving averages indicate a short-term bullish trend for the pair. At the moment, we should expect an attempt to continue the fall of the asset and a test of the support level near the 1.3345 area. Further, the rebound and the continuation of the growth of the currency pair on Forex. A potential target of such a movement of quotes is an area above the level of 1.3475.
USD/CAD Forecast Canadian Dollar June 6, 2019
In favor of the growth of quotations of the Canadian Dollar will test the area of support on the indicator of relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower boundary of the bullish channel. Cancellation of growth options for USD/CAD at Forex will be a fall and a breakdown of the 1.3345 area. This will indicate a breakdown of the support area and the continuation of the fall in quotations to the area below the level of 1.3275. It is worth waiting for the confirmation of the pair growth with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.3435.
Among the important news from Canada, which may have an impact on the USD/CAD pair, is not expected, so the pair will continue to move within the framework of technical analysis to highlight: Ivey Canada Purchasing Managers Index (PMI).
USD/CAD Forecast Canadian Dollar June 6, 2019 implies an attempt to test the support area near the level of 1.3345. Further, the continuation of growth in the region above the level of 1.3625. An additional signal in favor of raising the pair at Forex will be a test of the rising trend line on the relative strength index (RSI). Cancellation of the growth of the Canadian Dollar will fall and the breakdown level of 1.3345. This will indicate a continuation of the decline with a potential target below level 1.3275.
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