The currency pair is the Canadian dollar to the US dollar USD CAD finished the trading week at 1.3465. The pair showed strong growth as part of the development of the rising wave model of Wolfe. At the moment, the potential for continuing the growth of the pair’s quotations to the upper boundary of the downward channel at the level of 1.3750 remains.
USD/CAD Forecast on March 13, 2017 — March 17, 2017
In favor of continuing the growth, a dense test of the broken trend line will appear on the indicator of relative strength, which indicates the presence of a strong support level. Canceling the option of continuing the growth of the Canadian dollar will be the fall and breakdown of the 1.30 area, which will indicate the outflow of quotes out of the rising channel and the continuation of the decline.
Among the important news from Canada in the next trading week that can influence the USD CAD currency pair rate is worth highlighting, the volume of operations with foreign securities on March 16, the change in the volume of production supplies on March 17, 2017.
USD/CAD Forecast on March 13, 2017 — March 17, 2017 suggests an attempt of a minor correction within the test of the broken trend line on the indicator of relative strength and continuation of growth in the area above the level of 1.3750.
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