Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the development of the decline and the formation of the “Head and Shoulders” model. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3633. 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 decline and test the support level near the 1.3595 area. Next, an upward rebound and continued growth of the currency pair on Forex. The potential target of such movement of the instrument is the area above the 1.3755 level.
Canadian Dollar Forecast USDCAD for August 21, 2024
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the support line on the relative strength indicator. The second signal in favor of a decline will be a rebound from the lower border of the “Head and Shoulders” reversal pattern. The cancellation of the option of the rise of the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.3545 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the 1.3325 level. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of the USD/CAD quotes above 1.3705, which will indicate a breakout of the upper boundary of the descending channel.
Canadian Dollar Forecast USDCAD for August 21, 2024 suggests an attempt to test the support area near 1.3595. Further, continued growth to the area above 1.3755. An additional signal in favor of the rise of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for USD/CAD quotes will be a fall and a breakout of 1.3545. This will indicate a continued decline in the value of the asset with a potential target below 1.3325.
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