Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3311. The pair is trading below the bottom of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a downward trend for the US dollar Canadian Dollar pair. As part of the Forex forecast for USD/CAD today April 9, 2019. A test of the lower boundary of the Ichimoku Kinko Hyo Cloud is expected near the level of 1.3345. Where can we expect an attempt to rebound and continue to fall in the pair USD/CAD with a potential goal at the level of 1.3200.
Canadian Dollar Forecast USD/CAD April 9, 2019
An additional signal in favor of the fall of the USD/CAD pair will be a rebound from the resistance area. The second signal will be a rebound from the lower boundary of the rising channel. Earlier, a weak signal was received for BUY the pair of US Dollar/Canadian Dollar. The signal was formed due to the intersection of signal lines at the level of 1.3325.
Canceling the option of falling quotations of the USD/CAD pair will be the breakdown of the upper limit of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the level of 1.3395. Such a scenario would indicate a change in the downward trend in favor of the upward trend and continued growth of the pair. Expect to accelerate the fall in USD/CAD quotes with the breakdown of the lower border of the «Triangle» model and closing below 1.3265.
Canadian Dollar Forecast USD/CAD April 9, 2019 involves an attempt to test the resistance level near the 1.3345 area. Where can we expect to continue the fall of the currency pair with a potential target near the level of 1.3200. The cancellation of the option to reduce the pair will be the breakdown of the area of 1.3395. This will indicate a continuation of the rise of the US dollar against the Canadian Dollar.