Currency pair US Dollar Canadian Dollar USD/CAD closes the trading week near the level of 1.2316. The pair continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in the pair US Dollar/Canadian Dollar. The test area of Ichimoku Kinko Hyo signal lines near the level of 1.2370 is expected, from which it is expected to attempt a rebound and continue falling with the target near the level of 1.2100.
USD/CAD forecast for the week on January 29 — February 2, 2018
An additional signal in favor of the fall of the pair will be the test of the lower bound of the «Triangle» model. Earlier, a weak signal was received for the sell of the pair US Dollar Canadian Dollar, due to the intersection of the signal lines at the level of 1.2790.
The cancellation of the fall of the pair’s quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 1.2630, which will indicate a change in the bearish trend in favor of the bullish trend. Expect the acceleration of USD/CAD quotations falling with the breakdown of the support level and the closing below the level of 1.2080.
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