USD / CAD forecast of the Canadian Dollar exchange rate on 01/14/2021
At the moment, the indicator of the US Dollar / Canadian Dollar rate is moving as part of the correction, it is at the level of 1.2734. Movements are being made that exceed the cloud of the technical indicator Ichimoku and indicate that the bulls have the advantage now.
On tomorrow, January 14, 2021, the bullish trend will have an advantage on the USD / CAD rate, this will be confirmed by testing near the level of 1.2685, after which it will remain with an upward trend. Forecasting price marks for the rate, which will be directed to 1.3080, 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 upper line of the descending channel. When passing through the resistance area, as well as when the price changes exceeding the level of 1.2685, one should notice a further rise in the increasing direction, which will follow to the level of 1.3080.
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, 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 1.2585. In the future, we should expect the fixation of the downward direction and the drop in quotations will follow near the level of 1.2445.
Based on the above, it should be noted that tomorrow, January 14, 2021, the USD / CAD rate will test the level of 1.2685, after which the bulls will have the advantage. In the future, the rate quotes will increase and head to the 1.3080 mark, which will be tested by testing the support level. But do not forget the possibility of a downward trend for tomorrow, as a consequence of which the rate of the US Dollar to the Canadian Dollar will break the level of 1.2585. The bears will have the advantage and the quotes will go to the level of 1.2445.
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