Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the development of a fall and a bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.4284. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from buyers and potential continuation of the growth of the price pair in the near future. At the moment, it is worth considering an attempt to develop a fall in the Canadian Dollar price and a test of the support level near the 1.4255 area. Further, an upward rebound and continued growth of the currency pair on Forex. The potential target of such movement of the instrument is the area above the 1.4535 level.
Canadian Dollar Forecast USDCAD for February 6, 2025
An additional signal in favor of an increase in Canadian Dollar quotes will be a test of the support line on the relative strength indicator. The second signal in favor of a fall will be a rebound from the support area on the price chart. The USD/CAD growth scenario on Forex will be cancelled if the pair falls and breaks through the 1.4155 area. This will indicate a breakthrough of the support area and a continuation of the fall in quotes to the area below 1.3965. The pair’s growth will be confirmed with a breakthrough of the resistance area and closing of the USD/CAD quotes above 1.4375.
Canadian Dollar Forecast USDCAD for February 6, 2025 suggests an attempt to test the support area near the 1.4255 level. Further, continued growth to the area above the 1.4535 level. An additional signal in favor of the rise of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. The USD/CAD growth scenario will be cancelled if the pair falls and breaks through the 1.4155 level. This will indicate a continued decline in the asset’s value with a potential target below the level of 1.3965.
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