The currency pair Canadian dollar against the US dollar USD CAD continues to trade outside of the ascending channel, which suggests an attempt to continue the growth of quotations. Once again, we are trying to buy the Canadian dollar, as oil prices have fallen quite well, but the Canadian is still trading at a level of 1.34. At these prices for oil pair USD CAD quotes should already have been tested area above the level of 1.37.
USD CAD Forecast Canadian Dollar on November 3, 2016
Also do not forget that the very breakdown of the upper boundary of the channel indicates the formation of a bullish signal in favor of the growth of quotations of the pair to above the level of 1.37 at the expense of mining punched bandwidth. However, the Fed’s decision on interest rate may change completely picture of the market and there are risks of increased volatility in the pair.
USD CAD Forecast Canadian Dollar on November 3, 2016 continuation of growth of pair of quotes in the area above the level of 1.35 in the rebound from the support area in the form of a broken rising channel boundaries.