The pair Canadian Dollar to US Dollar USD/CAD closes the trading week near the level of 1.3133. The pair continues to move within the bullish channel. At the moment, we should expect a test of the support level near the 1.3020 area and the beginning of the growth of quotations with a target above 1.3585 level.
USD/CAD weekly forecast & analysis August 20 — 24, 2018
In favor of the growth of the pair USD/CAD will test the uptrend line on the indicator of relative strength index (RSI), as well as the formation of an inverted «Head and Shoulders» model on the price chart. The cancellation of the USD/CAD growth scenario in the current trading week August 20 — 24, 2018 will be the fall and breakdown of the area of 1.2900, which will indicate the breakdown of the lower boundary of the channel and the continuation of the fall into the area below the level of 1.2500. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closing above the level of 1.3250.
USD/CAD weekly forecast & analysis August 20 — 24, 2018 assumes an attempt of testing the support area near the level of 1.3020 and the beginning of growth with a target above 1.3585, an additional signal in favor of growth will be a trend line test on the indicator of relative strength index (RSI).
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