The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.3510. The pair continues to move as part of the development of a bearish correction and a bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the currency pair and potential continued growth in the near future. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the 1.3405 area. Then, a rebound upward and continued growth of quotes with a target above the level of 1.4175.
USD/CAD Forecast December 4 — 8, 2023
An additional signal in favor of growth 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 lower border of the bullish channel. Cancellation of the option to increase quotes of the USD/CAD currency pair in the current trading week of December 4 — 8, 2023 will be a fall and a breakdown of the 1.3135 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.2845. Confirmation of growth in the pair will be a breakdown of the resistance area and closing of the price above the level of 1.3645.
USD/CAD Forecast December 4 — 8, 2023 assumes an attempt to develop a correction and test the support area near the level of 1.3405. Further, continued growth with a target above the level of 1.4175. An additional signal in favor of growth will be a test of the descending trend line on the relative strength index (RSI). Cancellation of the growth development option will be a fall and a breakdown of the 1.3135 area. This will indicate a breakdown of an important support level and a continuation of the fall with a target below 1.2845.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
