Currency pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3308. The pair continues to move as part of the development of a bullish correction and a bearish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the currency pair and a potential continuation of the fall in the near future. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 1.3365. Then, a rebound down and the continuation of the fall of quotations with the target below the level of 1.2735.
USD/CAD Weekly Forecast July 10 — 14, 2023
An additional signal in favor of a decrease in the USD/CAD currency pair will be a test of the bearish trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling quotes of the USD/CAD currency pair in the current trading week July 10 — 14, 2023 will be a strong growth and a breakdown of the 1.3565 area. This will indicate a breakdown of resistance and continued growth to the area above the level of 1.3875. The fall in the pair will be confirmed by a breakdown of the support area and closing of the price under the level of 1.3085.
Among the important news from Canada that may have an impact on the Canadian Dollar, it is worth highlighting: Bank of Canada (BoC) Interest Rate Decision, Bank of Canada (BoC) Monetary Policy Report Press Conference, Speech by Bank of Canada (BoC) Governor Macklem Speech.
USD/CAD Weekly Forecast July 10 — 14, 2023 suggests an attempt to develop a bullish correction and test the resistance area near the level of 1.3365. Further, the continuation of the fall with the target below the level of 1.2735. An additional signal in favor of the decline will be a test of the downtrend line on the relative strength index (RSI). Cancellation of the fall development option will be a strong growth and a breakdown of the 1.3565 area. This will indicate a breakdown of an important resistance level and a continuation of the rise with a target above 1.3875.
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