Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the correction. At the time of publication of the forecast, the US Dollar rate against the Canadian Dollar is 1.3081. At this point, we should expect an attempt to test the support level near the 1.3035 area and continue the growth of the pair with a potential target above the level of 1.3300.
USD/CAD forecast & technical analysis August 16, 2018
In favor of the growth of quotations of the Canadian Dollar, a trend line test will be performed on the indicator of relative strength index (RSI), as well as forming an inverted «Head and Shoulders» model. Cancellation of the USD/CAD growth option on Forex will be the fall and breakdown of the area of 1.2930, which will indicate the breakdown of the support level and the continuation of the fall of quotations in the area below the level of 1.2800. To expect confirmation of the growth of the pair is with the breakdown of the upper border of the descending channel and the closing of the quotes of the pair USD/CAD above the level of 1.3185.
USD/CAD forecast & technical analysis August 16, 2018 involves trying to test the support area near the 1.3035 level and continuing growth to the area above 1.3300, an additional signal in favor of the pair’s growth at Forex will be a test of the support line on the indicator of relative strength index (RSI).
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