Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the fall and the beginning of the “Triangle” pattern. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.3031. Moving averages indicate a short-term bearish trend for the pair. Prices broke through the area between the signal lines downward, which indicates pressure from sellers and a potential continuation of the fall in the price pair in the near future. At the moment, we should expect an attempt to develop growth and test the resistance level near the 1.3125 area. Further, an upward rebound and continued fall of the currency pair on Forex. The potential target of such a movement of the instrument is the area below the level of 1.2825.
USD/CAD Forecast Canadian Dollar November 6, 2020
An additional signal in favor of reducing the Canadian Dollar quotes will be a test of the downward trend line on the relative strength index (RSI). The second signal in favor of a decline will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the option to drop USD/CAD at FOREX will be a strong growth and a breakdown of the 1.3185 area. This will indicate a breakdown of the resistance area and continued growth of quotations to the area above the level of 1.3455. Expect to accelerate the fall of the pair with the breakdown of the support area and closing of the USD/CAD pair quotes below 1.2995.
Among the important news from Canada that may have an impact on the USD/CAD pair, it is worth highlighting: Canada Employment Change, Bank of Canada (BoC) Governor Macklem Speech, Ivey Canada Purchasing Managers Index (PMI).
USD/CAD Forecast Canadian Dollar November 6, 2020 suggests an attempt to test the resistance area near the level of 1.3125. Further, the continuation of the fall to the area below the level of 1.2825. An additional signal in favor of a decline in the Canadian Dollar on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to drop USD/CAD quotes will be a strong growth and a breakdown of the level of 1.3185. This will indicate a continued rise in the value of the asset with a potential target above the level of 1.3455.
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