The pair Canadian Dollar to US Dollar USD/CAD closes the trading week near the level of 1.2551. The pair continues to move within the framework of the bullish correction. At the moment, we should expect a test of the level of 1.27, from which we should expect a rebound and a decline of the pair below the level of 1.2450 within the framework of the head and shoulders reversal pattern.
USD/CAD weekly forecast on October 9 — 13, 2017
In favor of the fall of the pair’s growth from the level of 1.2450, a test of the support line will be made 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 continued decline in the Canadian Dollar below the level of 1.1750.
Important news from Canada, which may have an impact on the Canadian Dollar, is not expected, so the pair will continue to move in the technical analysis.
USD/CAD weekly forecast on October 9 — 13, 2017 suggests a test of the level of 1.27, from which it is expected to rebound and lower the pair’s quotations near the level of 1.2450 as part of the formation of the «Head and Shoulders» reversal model, an additional signal in favor of growth from the level 1.2450 will test the trend line on the indicator of relative strength index (RSI).