Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of a downward 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 1.3030. At this point, we should expect an attempt to test the support level near the area of 1.3010 and the beginning of the growth of a pair with a potential target above the level of 1.3305.
USD/CAD forecast & technical analysis August 24, 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 1.3140, which will indicate the completion of the formation of the reversal pattern.
USD/CAD forecast & technical analysis August 24, 2018 suggests an attempt of testing the support area near the level of 1.3010 and continuing growth in the area above the level of 1.3305, 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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