The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week near the level of 1.3259. 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 bearish correction and a test of the support level near the 1.3195 area. Then, a rebound upwards and a continuation of the fall in quotes with a target above the level of 1.3675.
USD/CAD Forecast January 1 — 5, 2024
An additional signal in favor of growth in the USD/CAD currency pair will be a test of the bullish 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 January 1 — 5, 2024 will be a fall and a breakdown of the 1.2925 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.2675. Confirmation of growth in the pair will be a breakdown of the resistance area and closing of the price above the level of 1.3405, which will indicate a breakdown of the upper boundary of the bearish correction channel.
USD/CAD Forecast January 1 — 5, 2024 suggests an attempt to develop a correction and test the support area near the level of 1.3195. Further, continued growth with a target above the level of 1.3675. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 1.2925 area. This will indicate a breakdown of an important support level and a continuation of the fall with a target below 1.2675.
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