The currency pair Canadian dollar against the US dollar USD CAD on the current trading week, continued to decline, and was able to test the area below the level of 1.32. At the moment, the potential to bounce up preserved, there is a tight test of the rising trend line on the indicator of relative strength, indicating a fast rebound of the Canadian dollar quotations in an area with a potential upside target above the level of 1.36, which test the upper boundary of the rising channel held.
USD CAD Forecast on December 12, 2016 — December 16, 2016
Cancellation option will drop in prices below the level 1.2950, which will indicate the breakdown of the channel’s lower border of the downward trend. For the sample area 1.28, we can expect the beginning of a global reduction of quotations USD CAD within mining large reversal pattern Forex Head and shoulders, which is perfectly visible on the monthly chart of the pair. Among the important events in the next trading week, 12 – 16 December 2016, which could have a strong influence on the Canadian dollar, we should mention the speech of the Bank of Canada a speech, which will be held December 15, 2016, and the publication of indicator volume of transactions with foreign securities December 16, 2016.
USD CAD Forecast on December 12, 2016 — December 16, 2016 involves an attempt to test the area of 1.31, and the continued growth of quotations of the pair in the rebound from the rising trend line on the indicator of relative strength, the cancellation will yield quotations USD CAD the rising channel’s lower border.