Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the fall and the downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3141. Moving averages indicate the presence of a short-term bearish trend for the pair. At the moment, we should expect an attempt to continue growth and test the resistance level near the area of 1.3175. Further, the rebound and continued fall of the currency pair. The potential target of such a movement of the instrument on Forex quotes is the area below the level of 1.2950.
USD/CAD Forecast Canadian Dollar October 31, 2019
In favor of the fall in quotations of the Canadian Dollar, a test of a downward trend line on the relative strength index (RSI) will come out. The second signal in favor of falling will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling USD / CAD on Forex will be a strong growth and a breakdown of the 1.3205 area. This will indicate a breakdown of the upper boundary of the channel and continued growth of quotations in the area above the area of 1.3325. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing of the USD/CAD quotes below the level of 1.3025.
Among the important news from Canada, which may have an impact on the USD/CAD pair, it is worth highlighting: Canada Gross Domestic Product (GDP) m/m.
USD/CAD Forecast Canadian Dollar October 31, 2019 implies an attempt to test the resistance area near the level of 1.3175. Further, the continuation of the fall to the area below the level of 1.2950. An additional signal in favor of lowering the Canadian Dollar at Forex will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling quotes USD/CAD will be a strong growth and the breakdown level of 1.3205. This will indicate a continuation of the rise with a potential target above the level of 1.3325.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link