USD / CAD forecast of Canadian Dollar exchange rate 04/08/2021
To date, the indicator of the US Dollar / Canadian Dollar rate is moving as part of a correctional increase, at the moment it is at the level of 1.2622. Movements are being made that exceed the cloud of the Ichimoku technical indicator and indicate that the bulls have the advantage now, despite the fact that the location of the quotes demonstrates that the rate is within the descending channel.
On tomorrow, April 8, 2021, the bullish trend will have an advantage on the USD / CAD rate, this will be confirmed by testing near the level of 1.2595, after which it will remain in the uptrend. Forecasting price marks for the rate, which will be directed to the level of 1.3020, will follow from this level.
A test of such a downward 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 ascending channel. When passing through the resistance area, as well as when the price changes above the level of 1.2595, one should notice the subsequent upward trend, which will follow to the level of 1.3020.
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However, one should not exclude the possibility of a downward trend in the quotes of the price level of the US Dollar against the Canadian Dollar, which will result in 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 1.2365. In the future, we should expect a fixation of a downward trend, after which a drop in quotations will follow near the level of 1.2025.
It should be noted that tomorrow, April 8, 2021, the USD / CAD quotes will be tested at 1.2595, as a result of which the bulls will have the advantage. Further, the price level will develop in a downward direction and will follow to the level of 1.3020, which will be confirmed by the test of the support area. However, one should not forget the likelihood of an upward trend for the next day, as a result, the rate of the US Dollar to the Canadian Dollar will break through the level of 1.2365. This time the bulls will have the advantage and the price level will go to the level of 1.2025.