Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3486. The pair is trading above the upper limit of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bullish trend for a pair of US Dollar/Canadian Dollar. As part of the forex forecast for USD/CAD today April 29, 2019. Ichimoku Kinko Hyo Cloud is expected to test near the level of 1.3430. Where can we expect an attempt to rebound and continue to grow the pair USD/CAD with a potential target at the level of 1.3585.
Canadian Dollar Forecast USD/CAD April 29, 2019
An additional signal in favor of raising the pair USD/CAD will be a rebound from the support area. The second signal will be a rebound from the lower boundary of the rising channel. Earlier, a weak signal was received for purchases of a pair of US dollars Canadian Dollar. The signal was formed due to the intersection of signal lines at the level of 1.3325.
Cancellation of the growth of quotations of the pair USD/CAD will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the level of 1.3325. Such a scenario would indicate a change in the upward trend in favor of the downward trend and the continuation of the fall of the pair. Expect acceleration of growth of the USD/CAD quotes with the breakdown of the resistance area and closing above the level of 1.3535.
Canadian Dollar Forecast USD/CAD April 29, 2019 involves an attempt to test the support level near the 1.3430 area. Where can we expect to continue the growth of the currency pair with a potential target near the level of 1.3585. Cancellation of the lifting of the pair will be the breakdown of the area 1.3325. This will indicate a continuation of the fall of the US Dollar against the Canadian Dollar.