Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the development of the correction and the formation of the “Head and Shoulders” reversal pattern. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3597. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines again, indicating 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 growth of the Canadian Dollar price and test the resistance level near the 1.3615 area. Next, a downward rebound and continued fall of the currency pair on Forex. The potential target of such movement of the instrument is the area below the 1.3465 level.
Canadian Dollar Forecast USDCAD for September 13, 2024
An additional signal in favor of a decrease in Canadian Dollar quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of a decrease will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. Cancellation of the option of a fall in the USD/CAD currency pair on Forex will be a strong growth and a breakout of the 1.3675 area. This will indicate a breakout of the resistance area and a continuation of the rise in quotes to the area above the 1.3885 level. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of the USD/CAD quotes below 1.3555, which will indicate a breakout of the lower border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets below.
Canadian Dollar Forecast USDCAD for September 13, 2024 suggests an attempt to test the resistance area near the level of 1.3615. Further, a continuation of the fall to the area below the level of 1.3465. An additional signal in favor of the decline of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. Cancellation of the option of a fall in USD/CAD quotes will be a strong growth and a breakout of the level of 1.3675. This will indicate a continued rise in the value of the asset with a potential target above the level of 1.3885.
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