The currency pair Canadian dollar against the US dollar USD CAD completes the current trading week higher. However, the potential for a fall start is stored on the next trading week due to the formation of topping models forex head and shoulders.
USD CAD forecast for the week 8 August — 12 August, 2016
If the Canadian dollar will not be able to update the area of a local maximum at the beginning of the trading week, in this case, there is the potential for further drop in prices USD CAD to below 1.27. Cancellation of this option will be strong growth and penetration level of 1.33 closing price, that will show an increase of the Canadian dollar to continue to higher levels of 1.37.
USD CAD forecast for the week 8 August — 12 August, 2016 suggests an attempt to test the upper boundary of the rising channel, followed by a rebound and the fall in the area at the level of 1.30.
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