The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with a correction as part of the formation of the “Triangle” pattern. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and potential continued growth in the near future. At the moment, we should expect an attempt to develop a decline and test the support level near the 1.3525 area. Then, a rebound upward and a continuation of the rise in quotes with a target above the level of 1.4225.
USD/CAD Forecast and Analysis July 1 — 5, 2024
An additional signal in favor of a rise in the USD/CAD currency pair will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase quotes of the USD/CAD currency pair in the current trading week of July 1 — 5, 2024 will be a fall and a breakdown of the 1.3245 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.2875. Confirmation of a rise in the pair will be a breakdown of a strong resistance level and closing of the price above 1.3965, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of the development of a pattern with targets above.
USD/CAD Forecast and Analysis July 1 — 5, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 1.3525. Further, continued growth with a target above the level of 1.4225. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 1.3245 area. This will indicate a breakdown of an important support level and a continuation of the fall with a target below 1.2875.
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