Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3109. The pair is trading above the upper limit of the Ichimoku Kinko Hyo Cloud, which indicates that there is an upward trend for the pair US Dollar/Canadian Dollar. As part of the Canadian Dollar forecast USD/CAD November 6, 2018, a test of the upper limit of the Ichimoku Kinko Hyo Cloud is expected near the level of 1.3090. where you can expect an attempt to rebound and continue the growth of the pair USD/CAD with the goal at 1.3245.
Canadian Dollar forecast USD/CAD November 6, 2018
An additional signal in favor of the growth of the pair USD/CAD will be a rebound from the support area, as well as a rebound from the lower boundary of the upward channel. Earlier, a weak signal was received for SELL the US Dollar/Canadian Dollar pair, due to the intersection of signal lines at 1.3120.
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 1.3045. Such a scenario will 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 1.3155.
Canadian Dollar forecast USD/CAD November 6, 2018 suggests an attempt to test the support level near the 1.3090 area, from which we can expect the currency pair to continue to grow with a potential target near the level of 1.3245. The cancellation of the growth of the pair will be the breakdown of the area of 1.3045, which will indicate the continuation of the fall of the US dollar against the Canadian Dollar.