Currency pair Canadian Dollar to US Dollar (USD/CAD) is completing the trading week with growth within a bull channel. Moving averages indicate an ascending trend. Prices are once again testing the area between signal lines, which indicates pressure from sellers of the currency pair and potential continuation of the decline in the near future. Currently, it’s expected that there will be an attempt to develop bearish correction and test the support level close to the area 1.3825. Then a bounce up and continued price increase towards a target above the level 1.4435.
USDCAD Weekly Forecast May 19 — 23, 2025
Additional confirmation of the currency pair USD/CAD’s growth will be when it tests the support line on the relative strength indicator (RSI). A second signal would be a bounce off the lower boundary of the bull channel. Cancellation of the option for an increase in USD/CAD prices for the current trading week from May 19 to May 23, 2025 will be if there is a drop and penetration of the area at 1.3605. This would indicate a break through support levels and continuation of the decline into the region below 1.3325. Confirmation of growth in the pair would be breaking through resistance level with closing prices above the level at 1.4175, indicating penetration through the upper boundary of the downtrend channel.
USDCAD Weekly Forecast May 19 — 23, 2025 anticipates a development of bearish correction and testing the support area near level 1.3825. Subsequently, continuation of growth with a target above level 1.4435. An additional bullish signal would be a test of the trend line on the Relative Strength Index (RSI) indicator. Rejection of the upward movement variant will be a drop and a break through the area of 1.3605, indicating a breach of an important support level and continuation of the decline with a target below 1.3325.
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