Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of growth development and the formation of the “Double Bottom” reversal model. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3594. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines again, indicating pressure from sellers and a potential continuation of the pair’s decline in the near future. At the moment, it is worth considering an attempt to develop the Canadian Dollar price decline and test the support level near the 1.3535 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 1.3775 level.
Canadian Dollar Forecast USDCAD for October 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 the rise will be a rebound from the upper border of the descending channel, which was broken upward by buyers. The cancellation of the growth option of the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.3385 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the 1.3185 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 1.3665, which will indicate a breakout of the upper border of the Double Bottom reversal pattern and the beginning of the pattern with targets at the top.
Canadian Dollar Forecast USDCAD for October 8, 2024 suggests an attempt to test the support area near 1.3535. Further, a continuation of the fall to the area above 1.3775. 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 1.3385. This will indicate a continuation of the fall in the asset value with a potential target below 1.3185.
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