Currency pair US Dollar to Canadian Dollar USD/CAD continues to move within the correction and the downward channel. At the time of publication of the forecast, the US Dollar to the Canadian Dollar is 1.3440. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the price pair in the near future. At the moment, it is worth considering an attempt to develop a fall in prices and a test of the support level near the area of 1.3295. Further, a rebound upwards and continued growth of the currency pair on Forex. The potential target of such movement of the instrument is the area above the level of 1.3735.
Canadian Dollar Forecast February 8, 2023
An additional signal in favor of the rise in the Canadian Dollar quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option to raise the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1.3185 area. This will indicate a breakdown of the support area and a continued fall in quotes to the area below the level of 1.2975. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and the closing of the quotes of the USD/CAD pair above the level of 1.3505, which will indicate the breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
Canadian Dollar Forecast February 8, 2023 suggests an attempt to test the support area near the level of 1.3295. Further, continued growth to the area above the level of 1.3735. 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 index (RSI). Cancellation of the growth option for USD/CAD quotes will be a fall and a breakdown of the level of 1.3185. This will indicate a continued decline in the value of the asset with a potential target below the level of 1.2975.
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