The Canadian Dollar/US Dollar USD/CAD currency pair ends the trading week near the level of 1.2090. The pair continues to move within the falling and descending channel. Moving averages indicate a bearish trend. Prices moved down from the area between the signal lines, which indicates pressure from sellers of the currency pair and a potential continuation of the fall. At the moment, we should expect an attempt to develop a decline and a test of the support level near the 1.1935 area. Then, a rebound up and the beginning of the rise of quotes with a goal above the level of 1.3055.
An additional signal in favor of the growth of the USD/CAD currency pair will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of growth of the quotes of the USD/CAD currency pair on the current trading week on June 14-18, 2021 will be a fall and a breakdown of the 1.1615 area. This will indicate a breakdown of the lower border of the bearish channel and a continuation of the fall to the area below the level of 1.1405. Confirmation of the rise in the pair will be the breakdown of the resistance area and the closing of the price above the level of 1.2305.
USD/CAD Canadian Dollar forecast for the week of June 14-18, 2021
Among the important news from Canada, which may have an impact on the Canadian Dollar, it is worth highlighting: The Speech of the Chairman of the Bank of Canada (BoC) Governor Macklem Speech.
Thus, the USD/CAD forecast for the Canadian Dollar for the week of June 14 - 18, 2021 suggests an attempt to test the support area near the level of 1.1935. Further, the continuation of growth with a target above the level of 1.3055. An additional signal in favor of the rise will be a test of the trend line on the relative strength indicator. The cancellation of the growth development option will be a fall and a breakdown of the 1.1615 area. This will indicate a breakdown of the lower limit of the bearish channel and the continuation of the pair's fall with a target below 1.1405.