Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and the bearish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3148. Moving averages indicate the presence of a short-term bearish trend for the pair. At the moment, we should expect an attempt to continue the fall and test the support level near the area of 1.3125. 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 1.3365.
USD/CAD Forecast Canadian Dollar November 5, 2019
In favor of raising the quotes of the Canadian Dollar, a test of the support area on the relative strength index (RSI) will come out. The second signal in favor of growth will be the formation of an inverted «Head and Shoulders» model. Cancellation of the USD/CAD growth option at FOREX will be a fall and a breakdown of the 1.3055 area. This will indicate a breakdown of the support area and a continued decline in quotations to the area below 1.2905. Expect to accelerate the growth of the pair is with the breakdown of the resistance area and the closing of the USD/CAD quotes above the level of 1.3255.
USD/CAD Forecast Canadian Dollar November 5, 2019 implies an attempt to test the support area near the level of 1.3125. Further, continued growth to the area above the level of 1.3365. 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 1.3055. This will indicate a continued decline with a potential target below 1.2905.