Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.3011. At the moment, we can expect an attempt to test the support level near the 1.2890 area and the continued growth of the currency pair. The potential target of growth is the area above the level of 1.3175.
USD/CAD forecast Canadian Dollar October 16, 2018
In favor of the growth of quotations of the Canadian Dollar will test the trend line on the indicator of relative strength index (RSI). Cancellation of the growth option for USD/CAD at Forex will be a fall and a breakdown of the area of 1.2760, which will indicate a breakdown of the support area and a continued decline in quotations to the area below the level of 1.2620. Waiting for confirmation of the pair’s growth is with the breakdown of the upper boundary of the downward channel and closing of the USD/CAD quotes above the level of 1.3115.
USD/CAD forecast Canadian Dollar October 16, 2018 suggests an attempt to test the support area near the level of 1.2890 and continue growth to the area above the level of 1.3175. Canadian Dollar will fall and the breakdown level of 1.2760, which will indicate a continuation of the decline.