The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.2731. The pair continues to move within the framework of a strong correction and a bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of the rise in the near future. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 1.2475. Then, a rebound upwards and continued rise in quotes with a target above the level of 1.3635.
USD/CAD Weekly Forecast May 30 — June 3, 2022
An additional signal in favor of the rise of 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 May 30 — June 3, 2022 will be a fall and a breakdown of the 1.2325 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.1775. The rise in the pair will be confirmed by the breakdown of the resistance area and the closing of the price above the level of 1.3225, which will indicate the breakdown of the upper border of the bullish channel.
Among the important news from Canada that may have an impact on the Canadian Dollar, it is worth highlighting: Canada Gross Domestic Product (GDP) m/m, Bank of Canada (BoC) Interest Rate Decision.
USD/CAD Weekly Forecast May 30 — June 3, 2022 suggests an attempt to test the support area near the level of 1.2475. Further, continued growth with the target above the level of 1.3635. 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 area of 1.2325. This will indicate a breakdown of important support and a continued decline in the rise with a target below 1.1775.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
