Currency pair US Dollar to Canadian Dollar USD/CAD closed the trading week at 1.3717. The pair continues to test the local maximum area and at this point it is expected to try a level test above area 1.38, where the pair will encounter resistance in the form of the upper boundary of the downlink. In the vicinity of 1.38, you should expect a rebound and an attempt to drop quotations to the area of the broken Forex forex Triangle model at 1.35.
USD/CAD weekly forecast on May 15 — 19, 2017
In favor of the option of developing a correction for a pair, the formation of a reversal pattern may appear. The failed swing on the relative strength indicator, which indicates the breakdown of area 1.36 with closing prices. The abolition of the fall option will be a breakdown of the 70 level on the relative strength indicator, as well as the breakdown of the upper boundary of the descending channel, in this case one should expect an attempt to continue the growth of USD/CAD quotations to the area above the level of 1.42.
Among the important news from Canada on the following trading week, which can influence the rate of the USD/CAD currency pair is worth highlighting:
May 17, 2017, Wednesday, Change in the volume of production supplies, the growth is expected from -0.2% to 0.4%, which may provide short-term support for the rate of the Canadian Dollar.
May 18, 2017, Thursday, The volume of operations with foreign securities.
May 19, 2017, Friday, Consumer Price Index, is expected to grow from 0.2% to 0.5%, Basic Consumer Price Index, Retail sales.
USD/CAD weekly forecast on May 15 — 19, 2017 suggests an attempt of the test area 1.38 and the beginning of the decline in the region of the broken triangle pattern at 1.35 level, in case of breakdown at 1.39, we should expect the pair USD/CAD to continue to grow in the region Above the level of 1.42.
