The US Dollar/Canadian Dollar (USD/CAD) currency pair continues to move within a developing bullish correction and descending channel. At the time of this forecast, the US Dollar to Canadian Dollar exchange rate is 1.3682. Moving averages indicate a short-term bearish trend for the pair. Prices have broken below the signal lines, indicating selling pressure and potential further decline in the pair in the near future. Currently, we should consider an attempt to develop a bullish correction in the Canadian Dollar price and a test of the resistance level near 1.3745. Subsequently, a downward rebound and continued decline in the currency pair on Forex are possible. A potential target for this movement is below 1.3505.
Canadian Dollar Forecast USD/CAD for February 3, 2026
An additional signal favoring a rise in the Canadian Dollar will be a break of the support line on the relative strength indicator (RSI). A second signal favoring an uptrend will be a break from the upper boundary of the bearish channel. A strong rally and a break of the 1.3885 area would cancel out the downside scenario for the USD/CAD currency pair on Forex. This would indicate a break of the resistance area and continued growth above 1.4075. Confirmation of the pair’s decline should be expected with a break of the support area and a close of the USD/CAD pair below 1.3565, which would indicate a break of the lower boundary of the bullish correction channel.
Canadian Dollar Forecast USD/CAD for February 3, 2026 suggests an attempt to test the resistance area near 1.3745. Further declines below 1.3505 are expected. A test of the resistance line on the relative strength indicator (RSI) will be an additional signal for a decline in the Canadian dollar on Forex. A strong rally and a breakout of 1.3885 would cancel out the downward trend in USD/CAD. This would indicate continued declines in the asset’s value, with a potential target below 1.4075.
