The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.2795. The pair continues to move as part of the correction and the formation of the ”Triangle” pattern. Moving averages indicate the presence of a bearish trend, which is coming to an end, as we can see, the Tuvan people have practically crossed. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and a potential continued growth. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 1.2605 area. Then, a rebound upwards and a continuation of the rise in quotations with a target above the level of 1.3685.
USD/CAD Weekly Forecast December 27 — 31, 2021
An additional signal in favor of raising the USD/CAD currency pair will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the quotes of the USD/CAD currency pair in the current trading week December 27 — 31, 2021 will be a fall and a breakdown of the 1.2205 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.1865. The confirmation of the rise in the pair will be the breakdown of the resistance area and the closing of the price above the level of 1.3005, which will indicate the breakdown of the upper border of the ”Triangle” model, as well as the price going beyond the downward correction channel.
USD/CAD Weekly Forecast December 27 — 31, 2021 suggests an attempt to test the support area near the level of 1.2605. Further, continued growth with a target above the level of 1.3685. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth development option will be a fall and a breakdown of the 1.2205 area. This will indicate a breakdown of important support and a continued decline in the rise with a target below 1.1865.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link