Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and left the short-term downward channel. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.2378. Moving averages indicate a short-term bearish trend for the pair. Prices went down from the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall of the price pair in the near future. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 1.2295 area. Further, an upward rebound and a continuation of the rise of the currency pair on Forex. The potential target of such a movement of the instrument is the area above the level of 1.2655.
USD/CAD Forecast Canadian Dollar November 2, 2021
An additional signal in favor of raising the Canadian Dollar quotes will be a test of the broken trend line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the upper border of the bearish channel, which was broken up by buyers. Cancellation of the growth option for the USD/CAD currency pair at Forex will be a fall and a breakdown of the 1.2175 area. This will indicate a breakdown of the support area and a continuation of the fall in quotations to the area below the level of 1.2005. It is worth waiting for confirmation of the rise in the pair with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.2465.
USD/CAD Forecast Canadian Dollar November 2, 2021 suggests an attempt to test the support area near the level of 1.2295. Further, continued growth to the area above the level of 1.2655. An additional signal in favor of the rise of the Canadian Dollar on 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 1.2175. This will indicate a continued decline in the value of the asset with a potential target below the level of 1.2005.
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