Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the development of growth and development of the “Triangle” model. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3768. 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 purchases 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 a price decline and a test of the support level near the 1.3725 area. Next, a rebound upwards 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 1.3975.
Canadian Dollar Forecast for June 12, 2024
An additional signal in favor of an increase in 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 option to raise the USD/CAD currency pair on Forex will be a fall and a breakdown of the 1.3605 area. This will indicate a breakdown of the support area and a continued decline in quotes to the area below the level of 1.3435. 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 1.3825.
Canadian Dollar Forecast for June 12, 2024 suggests an attempt to test the resistance area near the level of 1.3725. Further, the fall will continue to the area below the level of 1.3975. 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 1.3605. This will indicate a continued rise in the value of the asset with a potential target above the level of 1.3435.
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