The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with a strong correction. 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 fall in the near future. At the moment, we should expect an attempt to develop growth and test the resistance level near the 1.3635 area. Then, a downward rebound and a continuation of the fall in quotes with a target below the level of 1.3055.
USD/CAD Forecast and Analysis September 16 — 20, 2024
An additional signal in favor of a decline in 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 upper border of the bearish channel. The cancellation of the option of a fall in quotes for the USD/CAD currency pair in the current trading week of September 16 — 20, 2024 will be strong growth and a breakout of the 1.3805 area. This will indicate a breakout of resistance and a continuation of the rise to the area above the 1.4165 level. The fall in the pair will be confirmed by a breakout of the support level and closing of the price below 1.3385, which will indicate a breakout of the lower border of the bullish channel.
USD/CAD Forecast and Analysis September 16 — 20, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the level of 1.3635. Further, the continuation of the fall with a target below the level of 1.3055. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. The cancellation of the fall development option will be strong growth and a breakout of the 1.3805 area. This will indicate a breakout of an important resistance level and continued growth with a target above 1.4165.
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