The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3299. The pair continues to move in growth. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to decrease and test the support level near the 1.3115 area. Then, the growth of quotations with the target above the level of 1.3595.
USD/CAD weekly forecast & analysis December 3 — 7, 2018
The test of the rising trend line on the relative strength index (RSI) will be in favor of the USD/CAD pair growth. As well as a rebound from the support area on the price chart. The cancellation of the growth option of the USD/CAD quotes in the current trading week of December 3 — 7, 2018 will be a fall and a breakdown of the 1.2940 area. This will indicate a breakdown of the lower boundary of the channel and the continuation of falling into the region below the level of 1.2550. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closure above 1.3425.
Among the important news from Canada that may have an impact on the Canadian Dollar rate, it is worth highlighting: Decision of the Bank of Canada at the basic interest rate, Accompanying statement of the Bank of Canada, Unemployment rate, Change in the number of employees
USD/CAD weekly forecast & analysis December 3 — 7, 2018 implies an attempt to test the support area near the level of 1.3115. Further, the beginning of growth with the goal above the level of 1.3595. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation options for the upward trend will be the fall and the breakdown of 1.2940 area. This will indicate a breakdown of the lower boundary of the channel and a continued decline in the pair.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
