The currency pair US Dollar to Canadian Dollar USD/CAD continues to move in the bearish channel. At the moment, the pair is testing the upper limit of the channel, we should expect a rebound and a fall in quotations of the pair below the level of 1.2350.
USD/CAD forecast & technical analysis on August 4, 2017
In favor of falling USD/CAD is the resistance line test on the indicator of relative strength index (RSI). Cancellation of the fall option will be a strong growth and breakdown of the area of 1.2640, which indicates the continued growth of the pair.
Among the important news from Canada, which can have a strong impact on the Canadian dollar, there are: Unemployment rate, Change in the number of employed.
USD/CAD forecast & technical analysis on August 4, 2017 suggests an attempt to fall below 1.2350 within the rebound from the upper border of the channel, the breakdown will be a breakdown at 1.2640, in which case we should expect the pair to continue growing.
