The currency pair USD/CAD continues to move within the framework of growth development and has left the bearish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3492. Moving averages indicate a short-term bearish 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 a price correction and a test of the support level near the 1.3435 area. Next, a rebound upwards and continued growth of the currency pair on Forex. The potential target for such a movement of the instrument is the area above the level of 1.3635.
Canadian Dollar Forecast for February 7, 2024
An additional signal in favor of growth 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 to raise the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1.3315 area. This will indicate a breakdown of the support area and a continuation of the fall of quotes to the area below the level of 1.3065. Expect confirmation of the pair’s growth with a breakdown of the resistance area and closing of the USD/CAD pair quotes above the level of 1.3565.
Canadian Dollar Forecast for February 7, 2024 suggests an attempt to test the support area near the level of 1.3435. Further, continued growth to the area above the level of 1.3635. An additional signal in favor of a rise in 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 1.3315. This will indicate a continued decline in the value of the asset with a potential target below the level of 1.3065.
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