Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the development of growth and a bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3883. Moving averages indicate the presence of a short-term upward trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continuation of the price pair’s growth in the near future. At the moment, it is worth considering an attempt to develop the fall in the Canadian Dollar price and test the support level near the 1.3805 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 1.4075 level.
Canadian Dollar Forecast USDCAD for August 6, 2024
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the broken 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 bullish channel. The cancellation of the growth option of the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.3765 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the 1.3545 level. Expect confirmation of the pair’s growth with a breakout of the resistance area and closing of the USD/CAD quotes above 1.4005, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
Canadian Dollar Forecast USDCAD for August 6, 2024 suggests an attempt to test the support area near the level of 1.3805. Further, continuation of growth to the area above the level of 1.4075. An additional signal in favor of the growth 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 increasing USD/CAD quotes will be a fall and a breakout of the level of 1.3765. This will indicate a continuation of the fall in the value of the asset with a potential target below the level of 1.3545.
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