Currency pair US Dollar Canadian Dollar USD/CAD continues to move in the framework of the reduction and formation of the «Wedge» model. At the time of publication of the forecast, the US Dollar to the Canadian Dollar rate is 1.3045. At this point, we should expect an attempt to test the support level near the area of 1.2980 and continue to grow the pair in the area above the level of 1.3245.
USD/CAD forecast & technical analysis August 1, 2018
In favor of the growth of quotations of the Canadian Dollar will perform a test of the support area on the indicator of relative strength index (RSI). Cancellation of the USD/CAD growth option on Forex will be the fall and breakdown of the area of 1.2910, which will indicate the breakdown of the lower boundary of the «Wedge» model and the continuation of the fall of quotations in the area below the level of 1.2750. To expect confirmation of the growth of the pair is with the breakdown of the upper limit of the model and the closing of the quotes of the pair USD/CAD above the level of 1.3120.
USD/CAD forecast & technical analysis August 1, 2018 suggests an attempt of testing the support area near the level of 1.2980 and continuing growth in the area above the level of 1.3245, an additional signal in favor of the pair’s growth on Forex will be a test of the support area on the indicator of relative strength index (RSI).