USD/CAD Forecast Canadian Dollar May 5, 2020

Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the growth and downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3726. Moving averages indicate a short-term bullish trend for the pair. Prices have gone far up from the area between the signal lines, which indicates pressure from buyers and the potential continuation of the growth of the US Dollar against the Canadian Dollar from current levels. At the moment, we should expect an attempt to fall and test the support level near the 1.4005 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 1.4275.

USD/CAD Forecast Canadian Dollar May 5, 2020

An additional signal in favor of raising the Canadian Dollar quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a breakdown of the upper boundary of the downward channel. Cancellation of the USD/CAD growth option at Forex will be a fall and a breakdown of the 1.3805 area. This will indicate a breakdown of the support area and continued decline in quotations to the area below the area of ​​1.3625. Expect acceleration of the pair’s rise with the breakdown of the resistance area and the closing of the USD/CAD quotes above the level of 1.4175.

USD/CAD Forecast Canadian Dollar May 5, 2020 suggests an attempt to test the support area near the level of 1.4005. Further, continued growth to the area above the level of 1.4275. An additional signal in favor of the growth of the Canadian Dollar at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the USD/CAD quotes will be a fall and a breakdown of the level of 1.3805. This will indicate a continued decline with a potential target below 1.3625.

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