Currency pair US Dollar Canadian Dollar USD/CAD continues to move in the bearish channel. At the time of publication of the forecast, the US Dollar to the Canadian Dollar rate is 1.3055. At this point, we should expect an attempt to test the support level near the area of 1.2985 and continue the growth of the currency pair with a potential target above the level of 1.3295.
USD/CAD forecast & technical analysis September 4, 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), as well as the formation of the «Head and Shoulders» reversal model. Cancellation of the USD/CAD growth scenario on Forex will be the fall and breakdown of the area of 1.2880, which will indicate the breakdown of the support area and the continued decline in quotations to the area below the level of 1.2740. 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 1.3130.
USD/CAD forecast & technical analysis September 4, 2018 suggests an attempt of testing the support area near the level of 1.2985 and continuing growth to the area above the level of 1.3295, an additional signal in favor of the pair’s growth on Forex will test the trend line on the indicator of relative strength index (RSI).
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