Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of a bearish correction and the formation of an inverted «Head and Shoulders» model. At the time of publication of the forecast, the US Dollar to the Canadian Dollar rate is 1.3007. At this point, we should expect an attempt to test the support level near the area of 1.3000 and the start of growth of a pair with a potential target above the level of 1.3320.
USD/CAD forecast & technical analysis August 23, 2018
In favor of the growth of quotations of the Canadian Dollar will perform a trend line test 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 1.2930, 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 resistance area and the closing of the USD/CAD pair quotations above the level of 1.3150, which will indicate the completion of the formation of the reversal pattern.
USD/CAD forecast & technical analysis August 23, 2018 suggests an attempt to test the support area near the level of 1.3000 and continue growth to the area above 1.3320, an additional signal in favor of the pair’s growth at Forex will test the support line on the indicator of relative strength index (RSI).
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