Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.4029. Moving averages indicate a short-term bullish trend for the pair. Prices have pierced the area between the signal lines down, which indicates pressure from sellers. At the moment, we should expect an attempt to fall and test the support level near the area of 1.3945. 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 1.4365.
USD/CAD Forecast Canadian Dollar May 6, 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 the completion of the formation of the «Head and Shoulders» model. Cancellation of the USD/CAD growth option at FOREX will be a fall and a breakdown of the 1.3845 area. This will indicate a breakdown of the support area and a continued decline in quotations to the area below 1.3605. Expect to accelerate the pair’s rise with the breakdown of the resistance area and the closing of the USD/CAD quotes above the level of 1.4195.
USD/CAD Forecast Canadian Dollar May 6, 2020 implies an attempt to test the support area near the level of 1.3945. Further, continued growth to the area above the level of 1.4365. 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 of raising the USD/CAD quotes will be a fall and a breakdown of the level of 1.3845. This will indicate a continued decline with a potential target below the level of 1.3605.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
