The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3639. The pair continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the currency pair and a potential continuation of growth in the near future. At the moment, we should expect an attempt to develop a slight correction and a test of the support level near the area of 1.3565. Then, a rebound upwards and the continuation of the rise in quotes with a target above the level of 1.4175.
USD/CAD Forecast Weekly Forecast May 1 — 5, 2023
An additional signal in favor of the rise of the USD/CAD currency pair will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the quotes of the USD/CAD currency pair in the current trading week May 1 — 5, 2023 will be a fall and a breakdown of the 1.3235 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.2895. The rise in the pair will be confirmed by the breakdown of the resistance area and the closing of the price above the level of 1.3865.
Among the important news from Canada that may have an impact on the Canadian Dollar, it is worth highlighting: The Ivey Canada Purchasing Managers Index (PMI) in Canada, Speech by Bank of Canada (BoC) Governor Macklem Speech, Canada Employment Change.
USD/CAD Forecast Weekly Forecast May 1 — 5, 2023 suggests an attempt to develop a downward correction and test the support area near the level of 1.3565. Further, continued growth with the target above the level of 1.4175. An additional signal in favor of the rise will be a test of the long-term bullish trend line on the relative strength index (RSI). Cancellation of the growth development option will be a fall and a breakdown of the area of 1.3235. This will indicate a breakdown of important support and a continued decline in the rise with a target below 1.2895.
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