Technical analysis of USD/CAD 09/06/2018
USD/CAD currency pair is developing an upward movement, breaking the upper boundary of the descending channel on the H4 timeframe. At the moment, one should expect the test of the support zone in the area of 1.3090 – 1.3060 and the continuation of the pair growth above 1.3280.
In favor of the quotes growth of Canadian Dollar will be a trend line test on the RSI indicator. Cancellation of USD / CAD growth option on Forex will be the fall and a breakdown of the area of 1.3000, what indicates the breakdown of the support area and the continued quotes decline.
Among the important news from Canada, which may affect the rate of the pair USD/CAD, it is worth highlighting: The Bank of Canada’s principal interest rate decision, the Bank of Canada’s Covering Statement.
Created by Joshua Hayn