Currency pair US Dollar to Canadian Dollar USD/CAD continues to move within the framework of strong growth and a downward channel. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.3211. Moving averages indicate a short-term bearish trend for the pair. Prices are again testing the areas between the signal lines, 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 a decline and test the support level near the 1.3125 area. Further, an upward rebound and continued growth of the currency pair on Forex. A potential target of such a movement of the instrument is the area above the level of 1.3345.
USD/CAD Forecast Canadian Dollar October 16, 2020
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the downward trend line on the relative strength index (RSI), which was successfully broken up by the buyers of the asset. The second signal in favor of a decline will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for USD/CAD at Forex will be a fall and a breakdown of the 1.3025 area. This will indicate a breakdown of the support area and a continued fall in quotations to the area below the level of 1.2815. Expect acceleration of the pair’s growth with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.3345.
USD/CAD Forecast Canadian Dollar October 16, 2020 suggests an attempt to test the support area near the level of 1.3125. Further, continued growth to the area above the level of 1.3345. An additional signal in favor of the rise of 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 1.3025. This will indicate a continued decline in the value of the asset with a potential target below 1.2815.
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