The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with a decline within the formation of the Wedge reversal pattern. The moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the decline in the near future. At the moment, we should expect an attempt to develop a decline and test the support level near the 1.3445 area. Then, an upward rebound and continued growth of quotes with a target above the 1.3765 level.
USD/CAD Forecast and Analysis October 7 — 11, 2024
An additional signal in favor of the rise of the USD/CAD currency pair will be a test of the trend line on the relative strength indicator. The second signal will be a rebound from the lower border of the Wedge reversal pattern. The cancellation of the growth option for the USD/CAD currency pair in the current trading week of October 7 — 11, 2024 will be a fall and a breakout of the 1.3285 area. This will indicate a breakout of support and a continuation of the fall to the area below the 1.2935 level. The growth of the pair will be confirmed by a breakout of the resistance level and closing of the price above 1.3655, which will indicate a breakout of the upper border of the “Wedge” reversal pattern and the beginning of the pattern with targets at the top.
USD/CAD Forecast and Analysis October 7 — 11, 2024 suggests an attempt to develop a bearish correction and test the support area near 1.3445. Further, continuation of growth with a target above 1.3765. An additional signal in favor of growth 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 1.3285 area. This will indicate a breakout of an important support level and a continuation of the fall with a target below 1.2935.
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