Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and the bullish channel. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.2413. Moving averages indicate a short-term bullish trend for the pair. Prices went up from the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth 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 1.2375 area. Further, a rebound upward 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 1.2545.
USD/CAD Forecast Canadian Dollar November 5, 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 lower border of the bullish channel. Cancellation of the growth option for the USD/CAD currency pair at Forex will be a fall and a breakdown of the 1.2275 area. This will indicate a breakdown of the support area and a continued fall in quotations to the area below the level of 1.2075. It is worth waiting for confirmation of a rise in the pair with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.2505, which will indicate a breakdown of the upper border of the channel.
Among the important news from Canada that may affect the rate of the USD/CAD pair, it is worth highlighting: Canada Employment Change, Ivey Canada Purchasing Managers Index (PMI).
USD/CAD Forecast Canadian Dollar November 5, 2021 suggests an attempt to test the support area near the level of 1.2375. Further, continued growth to the area above the level of 1.2545. An additional signal in favor of raising 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 1.2275. This will indicate a continued decline in the value of the asset with a potential target below the level of 1.2075.
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