Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the decline development and the formation of the “Wedge” reversal pattern. At the time of the forecast publication, the US Dollar to Canadian Dollar exchange rate is 1.3741. The moving averages indicate the presence of a short-term upward trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from buyers and potential continuation of the price pair growth in the near future. At the moment, it is worth considering an attempt to develop a decline in the Canadian Dollar price and a test of the support level near the 1.3705 area. Further, 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 1.3895 level.
Canadian Dollar Forecast USDCAD for August 8, 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 growth will be a rebound from the lower border of the “Wedge” reversal pattern. The USD/CAD currency pair’s rise on Forex will be cancelled by a fall and a breakout of the 1.3615 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below 1.3435. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of the USD/CAD quotes above 1.3795, which will indicate a breakout of the upper border of the “Wedge” reversal pattern and the beginning of the pattern with targets at the top.
Canadian Dollar Forecast USDCAD for August 8, 2024 suggests an attempt to test the support area near the 1.3705 level. Further, continued growth to the area above the 1.3895 level. 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 USD/CAD growth scenario will be cancelled by a fall and a breakout of the 1.3615 level. This will indicate a continued decline in the asset value with a potential target below the 1.3435 level.
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