The currency pair is the Canadian Dollar to US dollar USD/CAD has completed the trading week at 1.3493. At the moment, the pair continues to move within the ascending channel, we should expect the breakdown of the upper boundary of the Triangle model and the continuation of growth in the area above the level of 1.37.
USD/CAD Forecast Canadian Dollar on April 24 — 28, 2017
In favor of growth is a rebound from the support line on the indicator of relative strength. Expect to accelerate the growth of the pair is with the breakdown of the area 1.3520, which indicates the breakdown of an important area of resistance.
However, we should not exclude the attempt of an insignificant correction to the area below the level of 1.34 as part of the completion of the formation of the inverted Head and Shoulder model on the indicator of relative strength. The cancellation of the growth of USD/CAD quotations will be the fall and breakdown of the lower boundary of the Triangle model, which will indicate the completion of the upward trend and fall into the area below the level of 1.28.
Among the important news from Canada in the next trading week, which may have an impact on the USD/CAD exchange rate is worth highlighting, GDP change on April 28, 2017.
USD/CAD Forecast Canadian Dollar on April 24 — 28, 2017 suggests an attempt to continue growth and exit quotes outside the Forex Triangle model with a potential growth target of 1.37 near the upper border area of the rising channel.
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