Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the development of a decline and a descending channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3647. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the pair’s decline in the near future. At the moment, it is worth considering an attempt to develop the Canadian Dollar price rise and test the resistance level near the 1.3735 area. Next, a downward rebound and a continuation of the fall of the currency pair on Forex. The potential target of such movement of the instrument is the area below the 1.3605 level.
Canadian Dollar Forecast USDCAD for August 20, 2024
An additional signal in favor of a fall in Canadian Dollar quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of a decline will be a rebound from the upper border of the bearish channel. The 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 1.3765 area. This will indicate a breakout of the resistance area and a continuation of the growth of quotes to the area above the 1.3915 level. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of the USD/CAD quotes below 1.3575.
Canadian Dollar Forecast USDCAD for August 20, 2024 suggests an attempt to test the resistance area near 1.3735. Further, a continuation of the fall to the area below 1.3605. 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. Cancellation of the option of a fall in USD/CAD quotes will be a strong growth and a breakout of the 1.3765 level. This will indicate a continuation of the rise in the value of the asset with a potential target above the 1.3915 level.
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