Currency pair US Dollar Canadian Dollar USD/CAD continues to move within 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 1.3580. Moving averages indicate the presence of 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 fall 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 a test of the resistance level near the area of 1.3615. Further, a rebound downwards 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 level of 1.3485.
Canadian Dollar Forecast USDCAD for August 22, 2024
An additional signal in favor of a fall in the 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 descending channel. The cancellation of the USD/CAD fall scenario on Forex will be a strong growth and a breakout of the 1.3695 area. This will indicate a breakout of the resistance area and continued growth of quotes to the area above 1.3885. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of the USD/CAD quotes below 1.3535, which will indicate a breakout of the lower border of the descending channel.
Canadian Dollar Forecast USDCAD for August 22, 2024 suggests an attempt to test the resistance area near the 1.3615 level. Further, a continuation of the fall to the area below the 1.3485 level. 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 USD/CAD fall scenario will be a strong growth and a breakout of the 1.3695 level. This will indicate a continued rise in the asset’s value with a potential target above the level of 1.3885.
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