The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with a decline. 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 growth and a test of the resistance level near the 1.3615 area. Then, a downward rebound and a continuation of the fall in quotes with a target below the level of 1.3045.
USD/CAD Forecast and Analysis September 9 — 13, 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 lower border of the ascending channel. The cancellation of the option of a fall in quotes for the USD/CAD currency pair in the current trading week of September 9 — 13, 2024 will be strong growth and a breakout of the 1.3785 area. This will indicate a breakout of resistance and a continuation of the rise to the area above the 1.4095 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 9 — 13, 2024 suggests an attempt to develop a bullish correction and test the resistance area near 1.3615. Further, the fall will continue with a target below 1.3045. 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 a strong growth and a breakout of the 1.3785 area. This will indicate a breakout of an important resistance level and continued growth with a target above 1.4095.
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