Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the correction and the beginning of working out the inverted «Head and Shoulders» model. At the time of the publication of the forecast, the rate of the US dollar to the Canadian Dollar is 1.3089. At the moment, we should expect an attempt to test the support level near the 1.3020 area and the continued growth of the currency pair. The potential target of growth is the area above the level of 1.3300.
USD/CAD forecast Canadian Dollar October 24, 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 1.2910, 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 resistance area and closing of the USD/CAD quotes above the level of 1.3155.
Among the important news from Canada that may affect the rate of the USD/CAD pair is: The decision of the Bank of Canada on the basic interest rate, the accompanying statement of the Bank of Canada, the publication of the report of the Bank of Canada on monetary policy, the Press Conference of the Bank of Canada.
USD/CAD forecast Canadian Dollar October 24, 2018 suggests an attempt to test the support area near the level of 1.3020 and continue growth to the area above the level of 1.3300, an additional signal in favor of the pair growth at Forex will be the support area test on the relative strength index (RSI).
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