The pair US Dollar to Canadian Dollar USD/CAD closes the trading week near the level of 1.2497. The pair continues to move within the framework of the bullish correction. At the moment, we should expect an attempt to fall into the area below the level of 1.2270 as part of the formation of the «Head and Shoulders» reversal model.
USD/CAD weekly forecast on October 16 — 20, 2017
Near the area of 1.2270 again we should expect a rebound and an attempt of growth of a pair with a potential target above the level of 1.2950. In favor of the growth of the pair will test the support line on the indicator of relative strength index (RSI). The cancellation of the growth of USD/CAD quotes in the current trading week will be the fall and breakdown of the area of 1.20, which will indicate the continuation of the decline of the Canadian Dollar below the level of 1.1750.
Among the important news from Canada, which may have an impact on the Canadian Dollar rate, it is worth highlighting: the Consumer Price Index.
USD/CAD weekly forecast on October 16 — 20, 2017 suggests a test of the level of 1.2270, from which we should expect a rebound and growth of the pair’s quotations near the level of 1.2950 as part of the development of the «Head and Shoulders» reversal model, an additional signal in favor of growth from the level will test the trend line on the indicator of relative strength index (RSI).