USD/CAD Canadian Dollar forex forecast for May 13, 2021
The US Dollar/Canadian Dollar/CAD forex currency pair continues to move within the falling and descending channel. At the time of publication of the forecast, the US Dollar exchange rate against Canadian Dollar is 1.2083. 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 1.2045 area. 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 trading forecast for May 13, 2021
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the support line on the relative strength indicator. The second signal in favor of the rise will be a rebound from the lower border of the bearish channel. The cancellation of the growth option of the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1.1945 area. This will indicate the breakdown of the support area and the continuation of the fall of quotes in the area below the level of 1.1705. It is worth waiting for confirmation of the pair's growth with the breakdown of the resistance area and the closing of the USD/CAD quotes above the level of 1.2155.
USD/CAD Canadian Dollar forex signal for May 13, 2021
Among the important news from Canada that may affect the USD/CAD exchange rate, it is worth highlighting: The Speech of the Chairman of the Bank of Canada (BoC) Governor Macklem Speech.
Thus, the USD/CAD signal for the Canadian Dollar on May 13, 2021 suggests an attempt to test the support area near the level of 1.2045. Further, the continuation of growth in the area above the level of 1.2405. An additional signal in favor of the growth of Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. The cancellation of the option of raising the USD/CAD quotes will be a fall and a breakdown of the level of 1.1945. This will indicate a continued decline in the value of the asset with a potential target below the level of 1.1705.