Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the formation of an inverted «Head and Shoulders» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3470. Moving averages indicate a short-term downward trend in the pair. At the moment, we should expect an attempt to reduce the asset and a test of the support level near the area of 1.3405. Further, the rebound and the continuation of the growth of the currency pair on FOREX. The potential target of such a movement of quotes is an area above the level of 1.3565.
USD/CAD Forecast Canadian Dollar May 29, 2019
In favor of the growth of quotations of the Canadian Dollar will test the rising trend line on the indicator of relative strength index (RSI). The second signal in favor of the rise will be the formation of an inverted model of «Head and Shoulders». Cancellation of the growth option for USD/CAD at FOREX will be a fall and a breakdown of the area of 1.3330. This will indicate a breakdown of the support area and the continuation of the fall in quotations to the area below the level of 1.3205. 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 1.3515.
Among the important news from Canada that may affect the rate of the USD/CAD pair, it is worth highlighting: Bank of Canada (BoC) Interest Rate Decision.
USD/CAD Forecast Canadian Dollar May 29, 2019 implies an attempt to test the support area near the level of 1.3405. Further, the continuation of growth in the region above the level of 1.3565. 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 be the fall and the breakdown level of 1.3330. This will indicate continued decline with a potential target below 1.3205.
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