The US Dollar/Canadian Dollar USD/CAD forex currency pair continues to move within the falling and descending channel. At the time of publication of the forecast, the US Dollar/Canadian Dollar exchange rate is 1.2113. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices broke through the areas between the signal lines down, which indicates pressure from sellers and the potential continuation of the fall of the price pair in the near future. At the moment, we should expect an attempt to develop a fall and a test of the support level near the area of 1.2095. Next, the rebound up and the continuation of the growth of the currency pair on Forex. The potential target of such a movement of the instrument is the area above the level of 1.2405.
USD/CAD Canadian Dollar forex forecast for May 11, 2021
An additional signal in favor of the rise in the Canadian Dollar quotes will be a test of the support line on the relative strength indicator. The second signal in favor of growth will be a rebound from the lower border of the bullish channel. The cancellation of the growth option of the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1..2005 area. This will indicate the breakdown of the support area and the continuation of the decline in quotes to the area below the level of 1.1745. We should expect confirmation of the pair's growth with the breakdown of the upper limit of the descending channel and the closing of the USD/CAD quotes above the level of 1.2285.
USD/CAD Canadian Dollar forex signal for May 11, 2021
Important news from Canada, which may have an impact on the USD/CAD exchange rate, is not expected, so the pair will continue to move within the framework of technical analysis.
Thus, the USD/CAD forex forecast for the Canadian Dollar on May 11, 2021 suggests an attempt to test the support area near the level of 1.2095. Further, the continuation of growth in the area above the level of 1.2405. An additional signal in favor of the rise of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for USD/CAD quotes will be a fall and a breakdown of the 1..2005 level. This will indicate a continued fall in the value of the asset with a potential target below the level of 1.1745.