CAD/USD USD/CAD finished the week trading around 1.2698. As part of the growth and formation of the "triangle" model, the pair continues to move. The moving averages indicate a bullish trend. The price has broken through the area between the signal lines, which indicates pressure from buyers of the pair and the possibility of continued growth in the near future. For now, we should expect an attempt to make a correction and test the support level near the 1.2605 area. Then, bouncing upwards, the offer continues to rise with a target located above 1.3465.

USD/CAD Weekly Forecast March 14-18, 2022

Another signal for the USD/CAD pair to rise would be a test of the support line of the Relative Strength Index (RSI). The second signal would be a bounce from the lower boundary of the bullish channel and the boundary of the triangle pattern. The cancellation of the option to raise the quotation of the USD/CAD pair in the current trading week from March 14 to 18, 2022 would be a fall and a breakdown of the 1.2425 area. This would indicate that the support level is broken and continues to fall to the area below 1.1925. The rise in the pair will be confirmed by the breakdown of the resistance zone and the price closing above the 1.3135 level, which will indicate the breakdown of the upper boundary of the "triangle" model and the beginning of the development of the model.

Among the important Canadian news that could have an impact on the Canadian dollar, it is worth highlighting: the monthly rate of Canadian retail sales, and the monthly rate of Canadian core retail sales.

The USD/CAD weekly forecast for March 14-18, 2022 indicates an attempt to test the support area around 1.2605. In addition, the growth continues with a target located above 1.3465. Another signal in favor of the rise will be the test of the trend line on the Relative Strength Index (RSI). Cancellation of the growth development option would be the fall and breakdown of the 1.2425 area. This would indicate that the important support level is broken and the rise continues to fall with a target located below 1.1925.