Currency pair US Dollar Canadian Dollar USD/CAD closes the trading week near the level of 1.2468. The pair continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in the pair US Dollar/Canadian Dollar. The test of the lower boundary of the Ichimoku Kinko Hyo indicator cloud is expected near the level of 1.2520, from which one should expect an attempt to fall and develop a bearish tendency for the pair with a view to lower near the level of 1.2870.
USD/CAD forecast for the week on October 2 — 6, 2017
An additional signal in favor of the fall of the pair is the resistance level test. Previously, a strong signal was generated for the sell of the pair US Dollar/Canadian Dollar, due to the crossing of signal lines at 1.2600. The cancellation of the fall of the pair’s quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 1.2630, which will indicate a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in USD/CAD quotes is at the level breakdown at 1.2080.