The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3008. The pair continues to move within the bullish channel. At the moment, we should expect an attempt to test the support level near the 1.2900 area and continue the growth of quotations with the goal above the level of 1.3550.
USD/CAD weekly forecast & analysis October 15 — 19, 2018
A test of the rising trend line on the relative strength index (RSI), as well as a rebound from the lower boundary of the bullish channel, will be in favor of the growth of the USD/CAD pair. The cancellation of the growth option of the USD/CAD quotes in the current trading week of October 15 — 19, 2018 will be a strong fall and a breakdown of the 1.2700 area, which will indicate a breakdown of the lower boundary of the channel and the continuation of the fall to the area below the level of 1.2550. Confirmation of the growth of the pair will be the breakdown of the upper boundary of the bearish channel and closing above the level of 1.3095.
Among the important news from Canada, which may have an impact on the Canadian Dollar rate, it is worth highlighting: Consumer price index.
USD/CAD weekly forecast & analysis October 15 — 19, 2018 implies an attempt to test the support area near the level of 1.2900 and the beginning of growth with a target above the level of 1.3550, a test of the trend line on the relative strength index (RSI), cancellation of the bullish development option will act as an additional growth indicator trends will fall and the breakdown of the area of 1.2700, which will indicate a breakdown of the lower boundary of the channel and the continuation of the pair decline.