Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the development of a bullish correction and a bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3817. Moving averages indicate a short-term upward trend for the pair. Prices are testing the area between the signal lines again, indicating pressure from buyers and potential continued growth of the price pair in the near future. At the moment, it is worth considering an attempt to develop the growth of the Canadian Dollar price and test the resistance level near the 1.3850 area. Next, a downward rebound and continued fall of the currency pair on Forex. The potential target of such movement of the instrument is the area below the 1.3685 level.
Canadian Dollar Forecast USDCAD for August 2, 2024
An additional signal in favor of a fall in Canadian Dollar quotes will be a test of the broken resistance line on the relative strength indicator. The second signal in favor of a decline will be a rebound from the lower border of the bullish channel. Cancellation of the option of a fall in the USD/CAD currency pair on Forex will be a strong growth and a breakout of the 1.3905 area. This will indicate a breakout of the resistance area and continued growth of quotes to the area above the 1.4075 level. Expect confirmation of the pair’s fall with a breakout of the support area and closing of the USD/CAD quotes below 1.3775, which will indicate a breakout of the lower border of the next bullish channel.
Canadian Dollar Forecast USDCAD for August 2, 2024 suggests an attempt to test the resistance area near 1.3850. Further, a continuation of the fall to the area below 1.3685. An additional signal in favor of the decline of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. The cancellation of the option of a fall in USD/CAD quotes will be a strong growth and a breakout of the 1.3905 level. This will indicate a continued rise in the value of the asset with a potential target above the 1.4075 level.
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