Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the development of growth and a bearish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3676. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continued growth of the pair 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 1.3595 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 1.3815 level.
Canadian Dollar Forecast USDCAD for October 10, 2024
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the broken trend line on the relative strength indicator. The second signal in favor of the rise 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 1.3565 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the 1.3245 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 1.3735, which will indicate a breakout of the upper border of the bearish channel.
Canadian Dollar Forecast USDCAD for October 10, 2024 suggests an attempt to test the support area near 1.3595. Further, a continuation of the fall to the area above 1.3815. 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 1.3565. This will indicate a continuation of the fall in the value of the asset with a potential target below 1.3245.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
