Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of correction and formation of the «Head and Shoulders» model. At the time of publication of the forecast, the US Dollar rate against the Canadian Dollar is 1.3133. At this point, we should expect an attempt to test the resistance level near the area of 1.3160 and continue to reduce the pair in the area below the level of 1.3040.
USD/CAD forecast & technical analysis July 26, 2018
In favor of falling quotations of the Canadian Dollar, a trend line test will be performed on the indicator of relative strength index (RSI). Canceling the USD/CAD decline on Forex will be strong growth and breakdown of 1.3230 area, which will indicate the breakdown of the resistance area and the continuation of the growth of quotations in the area above the level of 1.3350. To expect confirmation of the pair’s decline is with the breakdown of the support area and closing of the USD/CAD pair quotes below the level of 1.3095.
USD/CAD forecast & technical analysis July 26, 2018 suggests an attempt to test the resistance area near the level of 1.3160 and continue the decline in the area below the level of 1.3040, an additional signal in favor of the fall of the pair on Forex will test the trend line on the indicator of relative strength index (RSI).
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