The pair Canadian Dollar to US Dollar USD/CAD closes the trading week near the level of 1.3006. The pair continues to move within the framework of a bearish correction. At this point, we should expect an attempt to test the support level near the area of 1.2925 and continue the growth of quotations with a target above 1.3545.
USD/CAD weekly forecast & analysis September 3 — 7, 2018
In favor of the growth of the pair USD/CAD will test the bullish trend line on the indicator of relative strength index (RSI). The cancellation of the USD/CAD growth scenario on the current trading week on September 3 — 7, 2018, will be a strong fall and breakdown of the area of 1.2820, which will indicate the breakdown of the lower border of the channel and the continuation of the fall into the area below the level of 1.2500. Confirmation of the growth of the pair will break through the resistance area and the closure above the level of 1.3160.
Among the important news from Canada that may have an impact on the Canadian Dollar rate, it is worth highlighting: the Bank of Canada’s principal interest rate decision, the Bank of Canada Cover statement, Unemployment rate, Change in the number of employees.
USD/CAD weekly forecast & analysis September 3 — 7, 2018 assumes a test of the support area near the level of 1.2925 and the beginning of growth with a target above 1.3545, an additional signal in favor of growth will be a trend line test on the indicator of relative strength index (RSI), the trend will fall and breakdown of the area of 1.2820, which will indicate the breakdown of the lower boundary of the channel and the continued decline of 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
