Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the rise and the formation of the ”Triangle” pattern. At the time of the publication of the forecast, the rate of the US Dollar to the Canadian Dollar is 1.2638. Moving averages indicate a short-term bullish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the rise in the pair of prices in the near future. At the moment, we should expect an attempt to develop a decline and test the support level near the 1.2545 area. Further, a rebound upward and a continuation of the rise of the currency pair on Forex. The potential target of such a movement of the instrument is the area above the level of 1.2975.
USD/CAD Forecast Canadian Dollar October 7, 2021
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of a rise will be a rebound from the lower boundary of the ”Triangle” pattern. Cancellation of the growth option for the USD/CAD currency pair at Forex will be a fall and a breakdown of the 1.2435 area. This will indicate a breakdown of the support area and the rise of the fall in quotations to the area below the level of 1.2225. 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 1.2865, which will indicate a breakdown of the upper border of the ”Triangle” model.
Among the important news from Canada that may affect the rate of the USD/CAD pair, it is worth highlighting: Ivey Canada Purchasing Managers Index (PMI), Bank of Canada (BoC) Governor Macklem Speech.
USD/CAD Forecast Canadian Dollar October 7, 2021 suggests an attempt to test the support area near the level of 1.2545. Further, continued growth to the area above the level of 1.2975. An additional signal in favor of the rise of the Canadian Dollar on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for USD/CAD quotes will be a fall and a breakdown of the level of 1.2435. This will indicate a continued fall in the value of the asset with a potential target below 1.2225.
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