The currency pair USD/CAD continues to move as part of the development of growth and a bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3389. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall 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 1.3425 area. Next, a rebound downwards and a continuation of the fall of the currency pair on Forex. The potential target for such a movement of the instrument is the area below the level of 1.3235.
Canadian Dollar Forecast for February 2, 2024
An additional signal in favor of a decrease in Canadian Dollar quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of a decline will be a rebound from the upper border of the bearish 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 1.3535 area. This will indicate a breakdown of the resistance area and continued growth of quotes to the area above the level of 1.3765. 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 1.3305.
Canadian Dollar Forecast for February 2, 2024 suggests an attempt to test the resistance area near the level of 1.3425. Further, the fall will continue to the area below the level of 1.3235. 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 1.3535. This will indicate a continued rise in the value of the asset with a potential target above the level of 1.3765.
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