The currency pair USD/CAD continues to move as part of the development of the fall and the beginning of the development of the “Head and Shoulders” reversal pattern. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3718. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and the potential continued growth of the price pair in the near future. At the moment, it is worth considering an attempt to develop price growth and test the resistance level near the 1.3745 area. Next, a rebound downwards and a continuation of the fall of the currency pair on Forex. A potential target for such a movement of the instrument is the area below the level of 1.3565.
Canadian Dollar Forecast for April 23, 2024
An additional signal in favor of a decrease in Canadian Dollar quotes will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of a fall will be a rebound from the lower border of the bullish channel. Cancellation of the option for the USD/CAD currency pair to fall on Forex will be a strong growth and a breakdown of the 1.3805 area. This will indicate a breakdown of the resistance area and continued growth of quotes to the area above the level of 1.3975. You should expect confirmation of the pair’s fall with a breakdown of the support area and closing of the USD/CAD pair quotes below the level of 1.3675.
Canadian Dollar Forecast for April 23, 2024 suggests an attempt to test the resistance area near the 1.3745 level. Further, the fall will continue to the area below the level of 1.3565. An additional signal in favor of a decline in the Canadian Dollar on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling USD/CAD quotes will be a strong growth and a breakdown of the level of 1.3805. This will indicate continued growth in the value of the asset with a potential target above the level of 1.3975.
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