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 1.2354. Moving averages indicate a short-term bearish trend for the pair. Prices went down from the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall of the price pair in the near future. At the moment, we should expect an attempt to develop growth and test the resistance level near the 1.2395 area. Further, the rebound and the continuation of the fall of the currency pair on Forex. The potential target of such a movement of the instrument is the area below the level of 1.2135.
USD/CAD Forecast Canadian Dollar October 29, 2021
An additional signal in favor of reducing the Canadian Dollar quotes will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce the USD/CAD currency pair at Forex will be a strong growth and a breakdown of the 1.2485 area. This will indicate a breakdown of the resistance area and continued growth of quotations to the area above the level of 1.2745. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing of the USD/CAD pair quotes below 1.2255.
Among the important news from Canada, which may have an impact on the rate of the USD/CAD pair, it is worth highlighting: Canada Gross Domestic Product (GDP) m/m.
USD/CAD Forecast Canadian Dollar October 29, 2021 implies an attempt to test the resistance area near the level of 1.2395. Further, the continuation of the fall to the area below the level of 1.2135. An additional signal in favor of a decline in the Canadian Dollar on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to drop USD/CAD quotes will be a strong growth and a breakdown of the level of 1.2485. This will indicate a continued rise in the value of the asset with a potential target above the level of 1.2745.
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