Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the upward correction 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 1.3270. Moving averages indicate a short-term bullish trend for the pair, which has just begun. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.3305. Further, the rebound and continued fall of the currency pair. The potential target of this movement of quotes is the area below the level of 1.3025.
USD/CAD Forecast Canadian Dollar September 20, 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 the decline will be a rebound from the upper boundary of the downward channel. Cancellation of the option to reduce USD/CAD at FOREX will be a strong growth and a breakdown of the 1.3375 area. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the area of 1.3555. 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 1.3185.
Among the important news from Canada, which may affect the USD/CAD pair, it is worth highlighting: Canada Retail Sales m/m, Canada Core Retail Sales m/m.
USD/CAD Forecast Canadian Dollar September 20, 2019 implies an attempt to test the resistance area near the level of 1.3305. Further, the continuation of the decline to the area below the level of 1.3025. An additional signal in favor of the fall of the Canadian Dollar at Forex will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce USDCAD will be a strong growth and the breakdown level of 1.3375. This will indicate a continuation of the rise with a potential target above the level of 1.3555.