Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the development of the correction and the formation of the “Head and Shoulders” pattern. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3691. 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 price growth and test the resistance level near the 1.3695 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 1.3605.
Canadian Dollar Forecast for June 7, 2024
An additional signal in favor of a decrease in Canadian Dollar quotes will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of a decline will be a rebound from the upper boundary of the Head and Shoulders reversal pattern. Cancellation of the option to reduce the USD/CAD currency pair on Forex will be a strong growth and a breakdown of the 1.3745 area. This will indicate a breakdown of the resistance area and continued growth of quotes to the area above the level of 1.3975. Expect confirmation of the pair’s fall with a breakdown of the support area and closing of quotes for the USD/CAD pair below the level of 1.3635, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets below.
Canadian Dollar Forecast for June 7, 2024 suggests an attempt to test the resistance area near the level of 1.3695. Further, the fall will continue to the area below the level of 1.3605. 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 1.3745. This will indicate a continued rise in the value of the asset with a potential target above the level of 1.3975.
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