The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with growth near the level of 1.3486. The pair continues to move as part of the development of the rise 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 1.3365 area. Then, a rebound upward and a continuation of the fall in quotes with a target above the level of 1.3965.
USD/CAD Forecast January 22 — 26, 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 upper border of the bearish channel. Cancellation of the option to increase quotes of the USD/CAD currency pair in the current trading week of January 22 — 26, 2024 will be a fall and a breakdown of the 1.3025 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.2735. Confirmation of growth in the pair will be a breakdown of the resistance area and closing of the price above the level of 1.3595, which will indicate a breakdown of the upper boundary of the next bearish correction channel.
USD/CAD Forecast January 22 — 26, 2024 suggests an attempt to develop a correction and test the support area near the level of 1.3365. Further, continued growth with a target above the level of 1.3965. 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 1.3025 area. This will indicate a breakdown of an important support level and a continuation of the fall with a target below 1.2735.
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