Currency pair US Dollar Canadian Dollar USD/CAD completes the trading week near the level of 1.3382. The pair continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of an upward trend for the pair US Dollar/Canadian Dollar. The current trading week is expected to test the upper boundary of the Ichimoku Kinko Hyo Cloud near the level of 1.3330. Where should we expect an attempt to rebound and continue to grow with a target near the level of 1.3685.
USD/CAD forecast for the week April 8 — 12, 2019
An additional signal in favor of reducing the USD/CAD currency pair will be the test of the support area. As well as a rebound from the lower boundary of the rising channel. Earlier, a weak signal was received for BUY the US Dollar/Canadian Dollar. The signal was formed due to the intersection of signal lines at the level of 1.3215.
Cancellation of the growth option of the pair’s quotes will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below area 1.3225. This will indicate a change in the upward trend in favor of the downward trend and the continuation of the fall of the pair on FOREX. Expect acceleration of growth of the USD/CAD quotes with the breakdown of the resistance area and closing above the level of 1.3495.
USD/CAD forecast for the week April 8 — 12, 2019 suggests an attempt to develop a correction to the level of 1.3330. Where can we expect a rebound and continued growth of the pair with a potential target near the level of 1.3685. A test of the support area will be in favor of the climb. Cancellation of the growth of the currency pair will breakdown area 1.3225. In this case, we should expect the continuation of the fall.