The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3391. The pair continues to move within the bearish correction. Moving averages indicate an uptrend. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.3195. Then, the growth of quotations with the target above the level of 1.3865.
USD/CAD weekly forecast & analysis January 7 — 11, 2019
A test of the bullish trend line on the relative strength index (RSI) will be in favor of the growth of the USD/CAD pair. As well as a rebound from the lower boundary of the bullish channel. The cancellation of the growth option of the USD/CAD quotes in the current trading week of January 7 — 11, 2019 will be a fall and a breakdown of the 1.3085 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 1.2930. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closure above 1.3775.
Among the important news from Canada, which may have an impact on the Canadian Dollar rate, it is worth highlighting: the decision of the Bank of Canada on the basic interest rate, the accompanying statement of the Bank of Canada, the publication of the report of the Bank of Canada on monetary policy, the Press Conference of the Bank of Canada.
USD/CAD weekly forecast & analysis January 7 — 11, 2019 implies an attempt to test the support area near the level of 1.3195. Further, the beginning of growth with the goal above level 1.3865. 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 1.3085. This will indicate a breakdown of the lower boundary of the channel and a continued decline in the pair.