Currency pair US Dollar to Canadian Dollar USD/CAD has closed the trading week at 1.3507. The pair continues to move within the development of correction. At the moment, there is the potential for a test of the area of the lower border of the bullish channel and the beginning of the growth of quotations USD/CAD in the area above the level 1.37.
USD/CAD forecast on May 22, 2017 — May 26, 2017
In favor of the growth of the pair US Dollar to Canadian Dollar USD/CAD is the test of the upward trend line on the indicator of relative strength index (RSI). Cancellation of the pair growth will be a breakdown of the 1.3350 area, which points to a potential test of the 1.3110 area, where the target of the bearish Wolfe wave.
Among the important news from Canada on the following trading week, which can influence the rate of the currency pair USD/CAD is worth highlighting:
May 24, 2017, Wednesday, Overnight Rate, it is expected that the rate will remain unchanged at 0.5%, but expect growth in volatility at the time of publication of the news. BOC Rate Statement.
USD/CAD forecast on May 22, 2017 — May 26, 2017 suggests an attempt to continue the decline to the lower boundary of the rising channel, from which it is expected to rebound and continue to rise above 1.37, an additional signal in favor of growth is the test of the bullish trend line on the indicator of relative strength index (RSI).
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