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 1.2879. At the moment, we should expect an attempt to test the resistance level near the 1.2920 area and continue the fall of the currency pair. The potential target of the decline is the area below 1.2695.
USD/CAD forecast Canadian Dollar October 5, 2018
The test of the resistance area on the relative strength index (RSI) 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 1.2775.
Among the important news from Canada, which may have an impact on the course of the pair USD/CAD, it is worth highlighting: The unemployment rate, the change in the number of employees.
USD/CAD forecast Canadian Dollar October 5, 2018 suggests an attempt to test the resistance area near the level of 1.2920 and continue falling to the area below 1.2695, an additional signal in favor of reducing the pair at Forex will be 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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