The pair Canadian Dollar to US Dollar USD/CAD closes the trading week near the level of 1.2623. The pair continues to move within the framework of the bullish correction. At the moment, we should expect an attempt to grow into the area above the level of 1.27 as part of the formation of the «Head and Shoulders» reversal model. Expect the beginning of the growth of the pair is from the level of 1.2420.
USD/CAD weekly forecast on October 23 — 27, 2017
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 quotations in the current trading week will be the fall and breakdown of the area of 1.2150, which will indicate the continued decline in the Canadian Dollar.
Among the important news from Canada, which may have an impact on the Canadian Dollar, is the following: The Bank of Canada’s decision on the basic interest rate is expected to remain unchanged at 1%.
USD/CAD weekly forecast on October 23 — 27, 2017 involves an attempt to form a «Head and Shoulders» reversal pattern, an additional signal in favor of growth will be a trendline test on the relative strength indicator (RSI), the breakdown will be the breakdown of the area of 1.2150.