Currency pair US Dollar to Canadian Dollar USD/CAD continues to move in correction and formation of the «Triangle» model. At the moment, we should expect an attempt to test the resistance level near the area of 1.2920 and continue the growth of the fall in the area below the level of 1.2550.
USD/CAD forecast & technical analysis May 17, 2018
In favor of falling quotations of the Canadian Dollar will perform a test of the resistance line on the indicator of relative strength index (RSI). The cancellation of the USD/CAD fall on the Forex market will be strong growth and breakdown of the 1.3020 area, which will indicate the breakdown of the upper limit of the «Triangle» model and the continuation of the growth of quotations in the area above the level of 1.3170. To expect confirmation of the fall of the pair is with the breakdown of the lower bound of the «Triangle» model and the closing of the USD/CAD pair quotations below the level of 1.2670.
USD/CAD forecast & technical analysis May 17, 2018 suggests an attempt to test the resistance area near the level of 1.2920 and continue falling to the area below the level of 1.2550, an additional signal in favor of the fall will be a trend line test on the relative strength index (RSI), the cancellation of the Canadian Dollar decline option breakdown at the level of 1.3020.