The pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.2749. The pair continues to move as part of the growth and formation of the ”Triangle” pattern. Moving averages indicate a bearish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and a potential continued growth. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 1.2415 area. Then, a rebound upward and the beginning of the rise in quotations with a target above the level of 1.3385.
USD/CAD Forecast November 29 — December 3, 2021
An additional signal in favor of a rise in the USD/CAD currency pair will be a test of the support line on the relative strength index (RSI), now a test of the resistance of this line is taking place, which means that a price rise should not be expected from the current levels. The second signal will be a rebound from the lower border of the ”Triangle” pattern. Cancellation of the option to raise the quotes of the USD/CAD currency pair in the current trading week November 29 — December 3, 2021 will be a fall and a breakdown of the 1.2070 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.1725. A confirmation of the rise in the pair will be the breakdown of the resistance area and the closing of the price above the level of 1.3115, which will indicate a breakdown of the upper border of the ”Triangle” pattern.
Important news from Canada that may affect the Canadian Dollar rate is worth highlighting: Bank of Canada (BoC) Governor Macklem Speech, Canada Gross Domestic Product ( GDP) m/m, Canada Employment Change.
USD/CAD Forecast November 29 — December 3, 2021 suggests an attempt to test the support area near the level of 1.2415. Further, continued growth with a target above the level of 1.3385. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth development option will be a fall and a breakdown of the 1.2070 area. This will indicate a breakdown of important support and a continued decline in the rise with a target below 1.1725.
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