Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the fall and has left the bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3513. Moving averages indicate a short-term bullish trend for the pair. Prices are testing the area between the signal lines again, indicating 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 rise in the Canadian Dollar price and test the resistance level near the 1.3545 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 1.3405 level.
Canadian Dollar Forecast USDCAD for September 6, 2024
An additional signal in favor of a fall in Canadian Dollar quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of a decline will be a rebound from the lower border of the bullish channel. Cancellation of the option of a decline in the USD/CAD currency pair on Forex will be a strong growth and a breakout of the 1.3585 area. This will indicate a breakout of the resistance area and a continuation of the rise in quotes to the area above the 1.3735 level. Expect confirmation of the pair’s fall with a breakout of the support area and closing of the USD/CAD quotes below 1.3475, which will indicate a breakout of the lower boundary of the bullish correction channel.
Canadian Dollar Forecast USDCAD for September 6, 2024 suggests an attempt to test the resistance area near 1.3545. Further, a continuation of the fall to the area below 1.3405. 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 falling USD/CAD quotes will be a strong growth and a breakout of the 1.3585 level. This will indicate a continued rise in the value of the asset with a potential target above 1.3735.
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