The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3039. The pair continues to move within the bullish channel. At the moment, we should expect an attempt to test the support level near the 1.2920 area and continue the growth of quotations with the goal above the level of 1.3380.
USD/CAD weekly forecast & analysis October 22 — 26, 2018
The test of the rising trend line on the relative strength index (RSI) will be in favor of the USD/CAD pair growth. The cancellation of the growth option of the USD/CAD quotes in the current trading week of October 22 — 26, 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 downward 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: Decision of the Bank of Canada on the basic interest rate, Publication of the report of the Bank of Canada on monetary policy, Press conference of the Bank of Canada.
USD/CAD weekly forecast & analysis October 22 — 26, 2018 suggests an attempt to test the support area near the level of 1.2920 and the beginning of growth with the target above the level of 1.3380, cancellation of the upward development option 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.