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 1.3800. 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 price 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 1.3720 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 level of 1.3975.
Canadian Dollar Forecast USDCAD for October 16, 2024
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the broken descending 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 1.3625 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the level of 1.3245. Expect confirmation of the pair’s growth with a breakout of the resistance area and closing of the USD/CAD quotes above 1.3885.
No important news from Canada that could affect the USD/CAD rate is expected, so the pair will continue to move within the framework of technical analysis.
Canadian Dollar Forecast USDCAD for October 16, 2024 suggests an attempt to test the support area near 1.3720. Further, a continuation of the fall to the area above 1.3975. 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 1.3625. This will indicate a continuation of the fall in the asset value with a potential target below 1.3245.
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