Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the growth and upward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3224. Moving averages indicate a short-term bullish trend for the pair. At the moment, we should expect an attempt to fall and test the support level near the area of 1.3175. Further, the rebound and continued growth of the currency pair. The potential target of such a movement of the instrument on Forex quotes is the area above the level of 1.3375.
USD/CAD Forecast Canadian Dollar November 12, 2019
A test of the trend line on the relative strength index (RSI) will be in favor of raising the Canadian Dollar quotes. The second signal in favor of growth will be a rebound from the lower boundary of the ascending channel. Cancellation of the USD/CAD growth option on Forex will be a fall and a breakdown of the 1.3125 area. This will indicate a breakdown of the support area and a continued decline in quotations to the area below 1.2955. 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 1.3275.
USD/CAD Forecast Canadian Dollar November 12, 2019 implies an attempt to test the support area near the level of 1.3175. Further, continued growth to the area above the level of 1.3375. An additional signal in favor of raising the Canadian Dollar at Forex will be a test of the support area 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 1.3125. This will indicate a continued decline with a potential target below 1.2955.