The currency pair USD/CAD continues to move as part of the growth and the bullish channel. At the time of publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3474. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines up, which indicates pressure from buyers and a potential continuation of the price pair growth in the near future. At the moment, it is worth considering an attempt to develop a correction and a test of the support level near the area of 1.3405. 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 1.3685.
Canadian Dollar Forecast for August 16, 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 border of the bullish channel. Cancellation of the growth option for the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1.3295 area. This will indicate a breakdown of the support area and a continued fall in quotes to the area below the level of 1.3035. 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 1.3565.
Canadian Dollar Forecast for August 16, 2023 suggests an attempt to test the support area near the level of 1.3405. Further, continued growth to the area above the level of 1.3685. 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 1.3295. This will indicate a continued decline in the value of the asset with a potential target below the level of 1.3035.
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