Currency pair US Dollar Canadian Dollar USD/CAD completes the trading week near the level of 1.13105. The pair continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of an upward trend for the pair US Dollar Canadian Dollar. The current trading week is expected to test the upper limit of the Ichimoku Kinko Hyo Cloud near the level of 1.3010, from where it is worth expecting an attempt to rebound and continue growth with a target near the level of 1.3365.
USD/CAD forecast for the week November 5 — 9, 2018
An additional signal in favor of the growth of the USD/CAD currency pair will be the test of the support area, as well as the test of the upper limit of the downward channel. Earlier, a weak signal was received for BUY the US Dollar/Canadian Dollar pair, due to the crossing of signal lines at 1.2980.
Cancellation of the growth of quotations of the pair will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below 1.2920, which 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 from the resistance area and closing above the level of 1.3165.
USD/CAD forecast for the week November 5 — 9, 2018 suggests an attempt to develop a correction to the level of 1.3010, where a rebound can be expected and the pair will continue to grow with a potential target near 1.3365, the test of the support area will be in favor, the currency growth option will be canceled the pair will break the area of 1.2920, in this case we should expect the continuation of the fall.