Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the growth and upward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3317. Moving averages indicate the presence of a short-term lateral trend for the pair. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.3265. Further, the rebound and continued growth of the currency pair. The potential target of this movement of quotes is the area above the level of 1.3405.
USD/CAD Forecast Canadian Dollar October 9, 2019
In favor of raising the quotes of the Canadian Dollar, a test of the ascending trend line on the relative strength index (RSI) will come out. The second signal in favor of growth will be a rebound from the upper boundary of the downward channel. Cancellation of the USD/CAD growth option on Forex will be a fall and a breakdown of the 1.3195 area. This will indicate a breakdown of the lower boundary of the ascending channel and a continued fall in quotations to the area below the area of 1.3055. Expect to accelerate the growth of the pair is with the breakdown of the resistance area and the closing of the pair USD/CAD quotes above the level of 1.3385.
USD/CAD Forecast Canadian Dollar October 9, 2019 implies an attempt to test the support area near the level of 1.3265. Further, continued growth to the area above the level of 1.3405. An additional signal in favor of raising the Canadian Dollar on Forex will be a test of the support 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 1.3195. This will indicate a continued decline with a potential target below 1.3055.