Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3096. 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 October 24, 2018, the upper limit of the Ichimoku Kinko Hyo Cloud is expected near the level of 1.3025, from which it is possible to expect an attempt to rebound and continue the growth of the USD/CAD pair with the target at 1.3160.
Canadian Dollar forecast USD/CAD October 24, 2018
An additional signal in favor of the growth of the USD/CAD pair will be a rebound from the support area, as well as a test of the lower boundary of the upward channel. Earlier, a medium strength signal was received for BUY of the US Dollar/Canadian Dollar pair, due to the intersection of signal lines at the level of 1.2990.
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 quotations below 1.2965, indicating a change in the upward trend in favor of the downward trend and the continuation of the pair’s decline. Expect acceleration of growth of USD/CAD quotes with the breakdown of the resistance area and closing above the level of 1.3155.
Canadian Dollar forecast USD/CAD October 24, 2018 suggests an attempt to test the support level near the 1.3025 area, from which one can expect continued growth of the currency pair with a potential target near the level of 1.3160.