Currency pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3213. The pair continues to move as part of the development of the correction and the bullish 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 a fall and test the support level near the area of 1.3075. Then, a rebound upwards and continued growth of quotations with a target above the level of 1.3575.
USD/CAD Weekly Forecast July 31 — August 4, 2023
An additional signal in favor of the growth of 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 lower border of the descending channel. Cancellation of the growth option for the USD/CAD currency pair quotes in the current trading week July 31 — August 4, 2023 will be a fall and a breakdown of the 1.2845 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.2565. The pair’s growth will be confirmed by a breakdown of the resistance area and closing of the price above the level of 1.3335, which will indicate a breakdown of the upper border of the downward correction channel.
Among the important news from Canada that may have an impact on the Canadian Dollar, it is worth highlighting: Canada Employment Change, Ivey Canada Purchasing Managers Index (PMI).
USD/CAD Weekly Forecast July 31 — August 4, 2023 suggests an attempt to develop a correction and test the support area near the level of 1.3075. Further, the continuation of the fall with the target below the level of 1.3575. 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 1.2845 area. This will indicate a breakdown of an important resistance level and a continuation of the rise with a target above 1.2565.
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