Currency pair US Dollar Canadian Dollar USD/CAD continues to move in the framework of the correction. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.2835. At this point, we should expect an attempt to test the resistance level near the area of 1.2915 and the continuation of the fall of the currency pair. The potential target of the decline is the area below 1.2665.
USD/CAD forecast Canadian Dollar October 4, 2018
The test of the resistance area on the relative strength indicator will be in favor of the fall of the Canadian Dollar quotes. Cancellation of the option to reduce USD/CAD at Forex will be a strong growth and a breakdown of the area of 1.2965, which will indicate a breakdown of the upper boundary of the channel and the continued growth of quotations in the area above the level of 1.3135. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing of the USD/CAD quotes below the level of 1.2755.
USD/CAD forecast Canadian Dollar October 4, 2018 suggests an attempt to test the resistance area near the level of 1.2915 and continue falling to the area below 1.2665, an additional signal in favor of reducing the pair at Forex is the resistance area test on the relative strength index (RSI), canceling the fall option Canadian Dollar will be a strong growth and the breakdown level of 1.2965, which will indicate continued growth.
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