Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the correction and the formation of an inverted «Head and Shoulders» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3035. At the moment, we should expect an attempt to test the support level near the 1.2950 area and the continued growth of the currency pair. The potential target of growth is the area above the level of 1.3325.
USD/CAD forecast Canadian Dollar October 19, 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 1.2890, which will indicate a breakdown of the support area and a continued decline in quotations to the area below the level of 1.2740. It is worth waiting for the confirmation of the pair growth with the breakdown of the upper boundary of the downward channel and closing of the USD/CAD quotes above the level of 1.3075.
Among the important news from Canada, which may have an impact on the course of the pair USD/CAD, it is worth highlighting: Consumer price index.
USD/CAD forecast Canadian Dollar October 19, 2018 suggests an attempt to test the support area near the level of 1.2950 and continue growth to the area above the level of 1.3325, an additional signal in favor of the pair growth at Forex will be the support area test on the relative strength index (RSI), canceling the growth option Canadian Dollar will fall and the breakdown level of 1.2890, which will indicate a continuation of the decline.