The currency pair Canadian dollar against the US dollar USD CAD continues to test the support area tightly. In favor of a continued growth of quotations in the near future, testing the support line on the indicator of relative strength. Cancellation option will drop below the level of 1.33, which indicates an continuation of a downward correction for the pair.
USD CAD forex forecast for the Canadian Dollar on December 1, 2016
The aim of the rebound and growth is the area above the level of 1.36. Expect faster growth of the Canadian dollar quotes only after the breakdown of the area of a local maximum. We continue to keep buying the pair and are ready to increase the amount of long positions in the development of an upward movement. Among the important news that could affect the Australian dollar tomorrow, December 1, 2016 stands out, the PMI index for the production sector (seasonally adjusted) from the RBC.
USD CAD forex forecast for the Canadian Dollar on December 1, 2016 suggests an attempt to continue the growth of quotations within the bullish mining model 1:1 with the immediate goal of growth above the level of 1.36.