The currency pair US Dollar to Canadian Dollar USD/CAD finished the current trading month at 1.3317. The pair continues to trade within the framework of an upward correction and at the moment there is still a potential for continuing growth in the area above 1.39 level. However, we should not exclude the attempt to fall below 1.32 as part of the formation of the upside-down Head and Shoulders model, which will indicate the continued growth of the USD/CAD pair.
USD/CAD Forecast Canadian Dollar on April 2017
In favor of a pair of quotes rebound, an uptrend test on the relative strength indicator will perform. The abolition of the continuation of growth will be a fall and breakdown of the 1.30 area, which will indicate the completion of the upward correction and the continuation of the pair’s decline.
Among the important news that could affect the Canadian dollar rate in April 2017, it is worth highlighting the Unemployment Rate and Changes in the number of employees on April 7, 2017, the decision of the Bank of Canada on the basic interest rate, and the Bank of Canada Covering Statement on April 12, 2017.
USD/CAD Forecast Canadian Dollar on April 2017 assumes an attempt to test the area of 1.32 and continue growth to the area above 1.39 as part of the reversal of the reversal Head and shoulders, the breakdown will be a breakdown at level 1.30, which will indicate the continuation of the decline.
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