Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the fall and the downward channel. At the time of publication of the forecast, the US Dollar to the Canadian Dollar is 1.2522. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the price pair’s fall in the near future. At the moment, we should expect an attempt to develop the price growth and test the resistance level near the area of 1.2635. Further, a rebound down and the continuation of the fall of the currency pair on Forex. The potential target of such movement of the instrument is the area below the level of 1.2355.
USD/CAD Forecast Canadian Dollar June 9, 2022
An additional signal in favor of falling quotes of the Canadian Dollar will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the decline will be a rebound from the upper border of the descending channel. Cancellation of the option of falling the USD/CAD currency pair on Forex will be a strong growth and a breakdown of the 1.2735 area. This will indicate a breakdown of the resistance area and continued growth of quotes to the area above the level of 1.2945. It is worth waiting for confirmation of the fall of the pair with the breakdown of the support area and the closing of the quotes of the USD/CAD pair below the level of 1.2465.
Among the important news from Canada that may have an impact on the USD/CAD pair, it is worth highlighting: Bank of Canada (BoC) Financial System Review Press Conference.
USD/CAD Forecast Canadian Dollar June 9, 2022 suggests an attempt to test the resistance area near the level of 1.2635. Further, the continuation of the fall to the area below the level of 1.2355. An additional signal in favor of a decrease in the Canadian Dollar at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling USD/CAD quotes will be a strong growth and a breakdown of the level of 1.2735. This will indicate a continued growth in the value of the asset with a potential target above the level of 1.2945.
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