The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with a fall near the level of 1.3715. The pair continues to move as part of the development of growth and the formation of the “Triangle” pattern. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, 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 decline and test the support level near the 1.3685 area. Then, a rebound upward and a continuation of the rise in quotes with a target above the level of 1.4335.
USD/CAD Forecast May 27 — 31, 2024
An additional signal in favor of a rise 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 May 27 — 31, 2024 will be a fall and a breakdown of the 1.3205 area. This will indicate a breakdown of support and a continuation of the fall to the area below the level of 1.2975. Confirmation of the rise in the pair will be a breakdown of the upper border of the “Triangle” model and closing of the price above the level of 1.4015.
USD/CAD Forecast May 27 — 31, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 1.3685. Further, continued growth with a target above the level of 1.4335. 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 development option will be a fall and a breakdown of the 1.3205 area. This will indicate a breakdown of an important support level and a continuation of the fall with a target below 1.2975.
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