The pair Canadian Dollar to US Dollar USD/CAD closes the trading week near the level of 1.3000. The pair continues to move within the bullish channel. At this point, we should expect an attempt to test the support level near the area of 1.2920 and continue the growth of quotations with a target above the level of 1.3550.
USD/CAD weekly forecast & analysis September 17 — 21, 2018
In favor of the USD/CAD pair growth, an uptrend test on the relative strength indicator will perform, as well as a test of the lower border of the channel. The cancellation of the USD/CAD growth scenario on the current trading week on September 17 — 21, 2018 will be a strong fall and breakdown of the area of 1.2830, which will indicate the 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 resistance area and the closing above the level of 1.3280.
Among the important news from Canada, which may have an impact on the Canadian Dollar rate, it is worth highlighting: the Consumer Price Index.
USD/CAD weekly forecast & analysis September 17 — 21, 2018 assumes a test of the support area near the level of 1.2920 and the beginning of growth with a target above 1.3550, an additional signal in favor of growth will be a trend line test on the indicator of relative strength index (RSI).