Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the correction 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 1.3167. At the moment, we should expect an attempt to fall and a test of the support level near 1.3130 area. Further, the continued growth of the currency pair in FOREX. The potential goal of raising quotes is the area above the level of 1.3285.
USD/CAD Forecast Canadian Dollar March 1, 2019
In favor of the growth of quotations of the Canadian Dollar will test the line of support on the indicator of relative strength index (RSI). As well as a rebound from the lower border of the model «Triangle». Cancellation of the growth option for USD/CAD at FOREX will be the fall and breakdown of the 1.3095 area. This will indicate a breakdown of the lower boundary of the model and the continuation of the fall in quotations to the area below the level of 1.2975. 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 1.3285.
Among the important news from Canada, which may have an impact on the course of the pair USD/CAD, it is worth highlighting: Changes in the volume of GDP, Changes in the volume of GDP for the quarter on an annualized basis.
USD/CAD Forecast Canadian Dollar March 1, 2019 involves an attempt to test the support area near the level of 1.3130. Further, the continuation of growth in the region above the level of 1.3285. An additional signal in favor of raising the pair at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth of the Canadian Dollar will be the fall and the breakdown level of 1.3095. This will indicate a continued decline with a potential target below 1.2975.
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