The pair Canadian Dollar to US Dollar USD/CAD completes the trade week near the level of 1.3548. The couple continues to move in the framework of correction and bull channel. Sliding average indicate the presence of a bull tendency. Prices again test the area between the signal lines, which indicates the pressure from the buyers of the currency pair and the potential continuation of growth in the near future. At the moment, it is worth expecting an attempt to develop a slight correction and a test level of support near the area 1.3495. Then, the rebound up and the continuation of the lifting of the quotes with a goal above the level of 1.4385.
USD/CAD Forecast Weekly Forecast April 3 — 7, 2023
An additional signal in favor of lifting the USD/CAD foreign exchange pair will be a test of the ascending trend line on the relative force indicator. The second signal will be the rebound from the lower border of the bull channel. The cancellation of the option of lifting the quotes of the USD/CAD currency pair for the current trading in the week on April 3 — 7, 2023 will be the fall and breakdown of the region 1.3245. This will indicate a breakdown of support and continuation of the fall into the area below the level of 1.2765. Confirmation of the rise in pair will be a breakdown of the resistance area and closing the price above 1.4065.
Among the important news from Canada, which can affect the Canadian dollar, it is worth highlighting: Canada Employment Change, Ivey Canada Purchassing Managers (PMI).
USD/CAD Forecast Weekly Forecast April 3 — 7, 2023 involves an attempt to develop downward correction and the support area near the level of 1.3495. Further, the continuation of growth with a goal above the level of 1.4385. An additional signal in favor of the rise will be a test of the long -term bull -clicking line on the relative force indicator. The cancellation of the development option will be the fall and breakdown of the area 1.3245. This will indicate a breakdown of important support and the continuation of a decrease in lifting with a goal below 1.2765.
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