Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of a strong fall and a downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3108. 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 pair in the near future. At the moment, we should expect an attempt to develop growth and test the resistance level near the 1.3165 area. Further, a rebound down and the continuation of the fall of the currency pair on Forex. The potential target of such a movement of the instrument is the area below the level of 1.2945.
USD/CAD Forecast Canadian Dollar October 14, 2020
An additional signal in favor of the fall in 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 ascending channel. Cancellation of the option to drop USD/CAD at Forex will be a strong growth and a breakdown of the 1.3245 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 quotes below 1.3055.
USD/CAD Forecast Canadian Dollar October 14, 2020 implies an attempt to test the resistance area near the level of 1.3165. Further, continued growth to the area below the level of 1.2945. 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 of falling USD/CAD quotes will be a strong growth and a breakdown of the level of 1.3245. 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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