Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the limits of the decline. At the time of publication of the forecast, the US Dollar to the Canadian Dollar rate is 1.2974. At this point, we should expect an attempt to test the resistance level near the area of 1.2990 and continue the fall of the currency pair with a potential target below the level of 1.2835.
USD/CAD forecast & technical analysis August 31, 2018
In favor of lowering the quotes of the Canadian Dollar, a trend line test will be performed on the relative strength index (RSI), as well as a test of the upper boundary of the bearish channel. Cancellation of the USD/CAD fall in the Forex market will be strong growth and breakdown of the area of 1.3030, 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 1.2895.
USD/CAD forecast & technical analysis August 31, 2018 suggests an attempt to test the resistance area near the level of 1.2990 and continue falling to the area below the level of 1.2835, an additional signal in favor of the pair’s decline on Forex will be a trend line test on the relative strength index (RSI).
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
