The currency pair USD/CAD continues its movement within the framework of developing a descending trend and forming a reversal pattern “Wedge”. At the time of this forecast’s publication, the US Dollar to Canadian Dollar exchange rate is 1.3704. Moving averages indicate the presence of a short-term bearish trend for this pair. Prices have penetrated the area between signal lines downwards, indicating pressure from sellers and potential continuation of price depreciation soon. Currently, it would be worth considering the development of a bearish correction in the Canadian Dollar’s price and testing the support level close to the 1.3625 area. A subsequent upward bounce and further growth in the currency pair on Forex would then occur. Such movement potential aims for an area above the 1.4165 level.
Canadian Dollar Forecast USD/CAD for June 3, 2025
Additional signals in favor of the rise in the price of the Canadian Dollar will be a test of the support line on the Relative Strength Index (RSI) indicator. A second signal for growth is a rebound from the lower boundary of the reversal pattern “Wedge”. Cancellation of the USD/CAD currency pair’s upward option on Forex will be characterized by a drop and a breach of the area 1.3485. This indicates that the support level has been breached, and the prices are expected to fall into the region below the 1.3285 level. Wait for confirmation of growth with a breakout in the resistance zone and closing quotes for the USD/CAD pair above the level 1.3865, which will indicate a breach of the upper boundary of the reversal pattern “Wedge” and the beginning of implementing the pattern upwards with targets at the top.
Canadian Dollar Forecast USD/CAD for June 3, 2025 anticipates a test of the support area near the level of 1.3625. Then, continuation of growth to an area above the level of 1.4165. An additional signal in favor of the appreciation of the Canadian Dollar on Forex will be a retest of the support line on the Relative Strength Index (RSI) indicator. Rejection of the upward movement variant for USD/CAD prices will be a drop and a break through the level of 1.3485. This will indicate continuation of the asset’s value depreciation with a potential target below the level of 1.3285.
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