The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.3384. The pair continues to move as part of the development of the fall and the bullish channel. 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 a bullish correction and a test of the resistance level near the 1.3435 area. Then, a rebound downwards and a continuation of the fall in quotes with a target below the level of 1.3075.
USD/CAD Forecast December 18 — 22, 2023
An additional signal in favor of a decline in the USD/CAD currency pair will be a test of the bearish trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling quotes of the USD/CAD currency pair in the current trading week of December 18 — 22, 2023 will be a strong growth and a breakdown of the 1.3575 area. This will indicate a breakdown of resistance and continued growth to the area above the level of 1.3985. Confirmation of a fall in the pair will be a breakdown of the support area and closing of the price below the level of 1.3205, which will indicate a breakdown of the lower boundary of the bullish channel.
USD/CAD Forecast December 18 — 22, 2023 suggests an attempt to develop a correction and test the resistance area near the level of 1.3435. Further, continuation of the fall with a target below the level of 1.3075. An additional signal in favor of a decline will be a test of the downward trend line on the relative strength index (RSI). Cancellation of the fall scenario will be a strong growth and a breakdown of the 1.3575 area. This will indicate a breakdown of an important resistance level and continued growth with a target above 1.3985.
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