Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the fall and the formation of the «Wolfe Wave» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3816. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have gone far down from 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 reduce and test the support level near the 1.3800 area. Further, the rebound and continued growth of the currency pair on Forex. The potential target of this movement of the instrument is the area above the level of 1.4105.
USD/CAD Forecast Canadian Dollar May 27, 2020
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 boundary of the «Wolfe Wave» model. Cancellation of the USD/CAD growth option at Forex will be a fall and a breakdown of the 1.3705 area. This will indicate a breakdown of the support area and a continued decline in quotations to the area below the level of 1.3515. Expect to accelerate the growth of the pair is with the breakdown of the resistance area and the closing of the pair USD/CAD quotes above the level of 1.3905.
Among the important news from Canada, which may affect the USD/CAD pair, it is worth highlighting: Speech by Bank of Canada (BoC) Governor Poloz Speech.
USD/CAD Forecast Canadian Dollar May 27, 2020 implies an attempt to test the support area near the level of 1.3800. Further, continued growth to the area above the level of 1.4105. 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 growth option for USD/CAD quotes will be a fall and a breakdown of the level of 1.3705. This will indicate a continued decline with a potential target below the level of 1.3515.
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