USD / CAD forecast of Canadian Dollar exchange rate 04/06/2021
To date, the indicator of the US Dollar / Canadian Dollar rate is moving as part of the correctional change, it is at the level of 1.2580. Movements are being made that exceed the cloud of the technical indicator Ichimoku and indicate that the bulls have the advantage now.
On tomorrow, April 6, 2021, the bullish trend will have an advantage on the USD / CAD rate, this will be confirmed by testing near the level of 1.2445, after which it will remain in the uptrend. Forecasting price marks for the rate, which will be directed to the level of 1.2885, will follow from this level.
Testing of such an upward trend will be testing of the support area, which will be complemented by a change in the direction of prices from the lower line of the descending channel. When passing through the resistance area, as well as when the price changes above the level of 1.2705, one should notice the subsequent downward direction, which will follow to the level of 1.2885.
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However, one should not exclude the likelihood of a downward trend in the quotes of the price level of the US Dollar against the Canadian Dollar, the consequence of which will be the advantage of the bears. Also, in the future, a change in the price level will be expected with a decrease to the level of 1.2305. In the future, we should expect the fixation of a downward trend, after which a drop in quotations will follow near the level of 1.2075.
It should be noted that tomorrow, April 6, 2021, the USD / CAD quotes will be tested at 1.2445, as a result of which the bulls will have the advantage. Further, the price level will develop in an upward direction and will follow to the level of 1.2885, which will be confirmed by the test of the support area. However, one should not forget the likelihood of a downward trend on the next day, as a result, the rate of the US Dollar to the Canadian Dollar will break through the level of 1.2305. This time the bears will have the advantage and the price level will go to the level of 1.2075.