Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the development of growth and the formation of the “Wedge” reversal pattern. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3546. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in 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 1.3455 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 1.3785.
Canadian Dollar Forecast USDCAD for October 4, 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 the rise will be a rebound from the support area. The cancellation of the growth option of the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.3355 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the 1.3215 level. Expect confirmation of the pair’s growth with a breakout of the resistance area and closing of the USD/CAD quotes above 1.3635, 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 October 4, 2024 suggests an attempt to test the support area near 1.3455. Further, a continuation of the fall to the area above 1.3785. 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 the 1.3355 level. This will indicate a continuation of the fall in the asset value with a potential target below 1.3215.
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