Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and the downward channel. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.2361. Moving averages indicate a short-term bearish trend for the pair. Prices broke through the area between the signal lines downward, which indicates pressure from sellers and a potential continuation of the fall in the pair of prices in the near future. At the moment, we should expect an attempt to develop a fall and a test of the support level near the 1.2275 area. Further, an upward rebound and continued growth of the currency pair on Forex. The potential target of such a movement of the instrument is the area above the level of 1.2555.
USD/CAD Forecast Canadian Dollar October 27, 2021
An additional signal in favor of reducing the Canadian Dollar quotes will be a test of the broken resistance line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the descending channel. Cancellation of the growth option for the USD/CAD currency pair at Forex will be a fall and a breakdown of the 1.2205 area. This will indicate a breakdown of the support area and a continued fall in quotations to the area below the level of 1.1855. It is worth waiting for confirmation of a rise in the pair with the breakdown of the resistance area and closing of the USD/CAD quotes above the level of 1.2455.
Among the important news from Canada, which may have an impact on the USD/CAD pair, it is worth highlighting: Press conference on the Bank of Canada (BoC) Monetary Policy Report Press Conference, Bank of Canada (BoC) Interest Rate Decision.
USD/CAD Forecast Canadian Dollar October 27, 2021 implies an attempt to test the support area near the level of 1.2275. Further, the continuation of the rise to the area above the level of 1.2555. An additional signal in favor of the growth of the Canadian Dollar on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the USD/CAD quotes will be a fall and a breakdown of the level of 1.2205. This will indicate a continued fall in the value of the asset with a potential target below the level of 1.1855.
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