The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with a fall as part of the correction and 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 growth and a test of the resistance level near the 1.3755 area. Then, a rebound downwards and a continuation of the fall in quotes with a target below the level of 1.3385.
USD/CAD Forecast and Analysis July 22 — 26, 2024
An additional signal in favor of a decline in the USD/CAD currency pair will be a test of the bearish trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the Triangle pattern. Cancellation of the option to reduce quotes of the USD/CAD currency pair in the current trading week of July 22 — 26, 2024 will result in strong growth and a breakdown of the 1.3935 area. This will indicate a breakdown of resistance and continued growth to the area above the level of 1.4265. Confirmation of a fall in the pair will be a breakdown of the support level and closing of the price below the level of 1.3565.
USD/CAD Forecast and Analysis July 22 — 26, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the 1.3755 level. Further, continuation of the fall with the target below the level of 1.3385. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall scenario will be a strong growth and a breakdown of the 1.3935 area. This will indicate a breakdown of an important resistance level and continued growth with a target above 1.4265.
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