The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with aggressive growth within the bullish channel. The moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and potential continuation of growth in the near future. At the moment, we should expect an attempt to develop a fall and test the support level near the 1.3735 area. Then, an upward rebound and continued growth of quotes with a target above the 1.4345 level.
USD/CAD Forecast and Analysis July 29 — August 2, 2024
An additional signal in favor of the rise of the USD/CAD currency pair will be a test of the bullish trend line on the relative strength indicator. The second signal will be a rebound from the lower border of the ascending channel. The cancellation of the growth option for the USD/CAD currency pair in the current trading week of July 29 — August 2, 2024 will be a fall and a breakout of the 1.3505 area. This will indicate a breakout of support and a continuation of the fall to the area below the 1.3245 level. The growth of the pair will be confirmed by a breakout of the resistance level and closing of the price above the level of 1.3875.
USD/CAD Forecast and Analysis July 29 — August 2, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 1.3735. Further, continuation of growth with a target above the level of 1.4345. An additional signal in favor of the rise will be a test of the trend line on the relative strength indicator. The cancellation of the growth development option will be a fall and a breakout of the 1.3505 area. This will indicate a breakout of an important support level and a continuation of the fall with a target below 1.3245.
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