Currency pair US Dollar Canadian Dollar USD/CAD continues to move within a bearish correction. At the time of publication of the forecast, the US Dollar to the Canadian Dollar rate is 1.2908. At the moment, we should expect an attempt to test the resistance level near the area of 1.2980 and continue the fall of the currency pair with a potential target below the level of 1.2780.
USD/CAD forecast & technical analysis August 29, 2018
In favor of lowering the quotes of the Canadian Dollar, a trend line test will be performed on the indicator of relative strength index (RSI). The cancellation of the USD/CAD fall on the Forex market will be strong growth and breakdown of the area of 1.3010, which will indicate the breakdown of the upper border of the channel and the continuation of the growth of quotations in the area above the level of 1.3150. To expect confirmation of the pair’s decline is with the breakdown of the support area and the closing of the USD/CAD pair quotes below the level of 1.2850.
USD/CAD forecast & technical analysis August 29, 2018 suggests an attempt to test the resistance area near the level of 1.2980 and continue falling to the area below the level of 1.2780, an additional signal in favor of the pair’s decline on Forex will be a trend line test on the relative strength index (RSI).
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