Currency pair US Dollar to Canadian Dollar USD/CAD continues to move in the framework of a strong fall and bull channel. At the time of publication of the forecast, the US dollar to the Canadian dollar is 1.3458. Sliding average indicate the presence of a short -term bull tendency in pairs. Prices broke the area between the signal lines down, which indicates the pressure from the sellers and the potential continuation of the drop in prices in the near future. At the moment, it is worth considering an attempt to develop price correction and a support level of support near the area 1.3365. Further, the rebound up and the continuation of the growth of the currency pair to Forex. The potential goal of this movement of the tool is the area above 1.3675.
Canadian Dollar Forecast for April 7, 2023
An additional signal in favor of the growth of quotations of the Canadian dollar will be a test of support line on the relative force indicator. The second signal in favor of the rise will be a rebound from the lower border of the bull channel. The cancellation of the option of lifting the USD/CAD foreign exchange pair to Forex will be the fall and breakdown of the area 1.3265. This will indicate a breakdown of the support area and the continuation of the fall of quotes to the area below 1.3045. It is worth expecting confirmation of the growth of a pair with the breakdown of the resistance area and closing the quotes of the USD/CAD pair above the level 1.3545, which will indicate the breakdown of the upper boundary of the descending correction channel.
Canadian Dollar Forecast for April 7, 2023 involves an attempt to support the support area near the level of 1.3365. Further, the continuation of growth in the area is above 1.3675. An additional signal in favor of the lifting of the Canadian dollar to Forex will be the test line of the trend on the relative force indicator. The cancellation of the option of USD/CAD quotes will be a fall and a breakdown of the level of 1.3265. This will indicate a continuation of a decrease in the value of the asset with a potential target below 1.3045.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
