USD/CAD: Is the downtrend expected to continue?

Anton Kolhanov Anton Kolhanov

This/next week forecast (August 8 – 5, 2022)

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 0.7830, which will be followed by moving up to resistance level 0.7940.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 0.7830, which will be followed by reaching support level 0.7645.

Previous week forecast

Monthly forecast, August 2022

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 0,7800, which will be followed by moving up to resistance level 0,7940 – 0,7983.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 0,7645, which will be followed by moving down to support level 0,7517 – 0,7469.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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