The currency pair Canadian Dollar to the US Dollar USD/CAD closed the trading week at 1.3647. The pair was able to show a rebound from the upper boundary of the descending Woolf wave model, the goal of falling and working out of such a model is the area below the level of 1.31.
USD/CAD Forecast Canadian Dollar on May 8 — 12, 2017
However, we should expect an attempt to test the area of 1.35, where the test of the broken border of the Forex model of Triangle and the next attempt of growth in the area above the level of 1.38 will take place. In favor of the growth of quotations of the pair USD/CAD will perform a tight test of the support line on the indicator of relative strength.
Cancel the option of growth will be the fall and breakdown of the area of 1.3450, which indicates the continued decline in quotations of the Canadian dollar.
Among the important news from Canada on the following trading week, which can have an impact on the USD/CAD currency pair exchange rate is worth highlighting:
Tuesday, May 9, 2017, Change in the volume of construction permits issued.
Thursday, May 11, 2017, the Home Price Index in the primary market, is expected to slightly decrease from 0.4% to 0.3%.
USD/CAD Forecast Canadian Dollar on May 8 — 12, 2017 suggests an attempt to continue the decline with the target near the level of 1.35, from which we should expect a rebound and continue the growth of quotations of the pair with a target above 1.38, the cancellation will be the breakdown of the area of 1.3450.
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