The currency pair Canadian dollar to US dollar USD/CAD has completed the trading week at 1.3317. The pair continued to trade within the lateral trend, but at the moment there is a potential for falling quotations in the area of the lower border of the rising channel. In favor of the decline is the formation of the reversal forex model Head and shoulders on the indicator of relative strength.
USD/CAD Prediction on April 3, 2017 — April 7, 2017
The abolition of the decline option will be a breakdown of the level of the right shoulder and the growth of the pair’s quotes above the level of 1.34, which will indicate the continued growth of the Canadian dollar in the area above the level of 1.36. In case of the pair’s quotes leaving the lower border of the rising channel, we should expect the Canadian dollar to continue to decline to the US dollar.
Among the important news from Canada in the next trading week that can affect the USD CAD currency pair rate is worth highlighting, the Unemployment Rate, The change in the number of employees on April 7, 2017.
USD/CAD Prediction on April 3, 2017 — April 7, 2017 assumes Attempt to fall into the area of the lower boundary of the ascending channel within the framework of working out the reversal model on the indicator of relative strength, after which it is expected to rise to an area above 1.36.
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