The US Dollar/Canadian Dollar (USD/CAD) currency pair continues to move within a developing correction and descending channel. At the time of this forecast, the US Dollar to Canadian Dollar exchange rate is 1.3672. Moving averages indicate a short-term bearish trend for the pair. Prices have broken above the signal lines, indicating buying pressure and potential continued growth 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 1.3695. Subsequently, a downward rebound and continued decline in the currency pair on Forex are possible. The potential target for such a move is below 1.3495.
Canadian Dollar Forecast USD/CAD for February 6, 2026
An additional signal favoring a decline in the Canadian Dollar will be a break of the resistance line on the relative strength indicator (RSI). A second signal favoring a decline will be a break from the upper boundary of the bearish trend. A strong rally and a break of the 1.3775 level would cancel out the USD/CAD downside scenario on Forex. This would indicate a break of the resistance area and continued growth above 1.3985. Confirmation of the pair’s decline should be expected with a break of the support area and a close of USD/CAD quotes below 1.3595, which would indicate a break of the lower boundary of the bullish correction channel.
Canadian Dollar Forecast USD/CAD for February 6, 2026 suggests an attempt to test the resistance area near 1.3695. Further declines are expected below 1.3495. A test of the resistance line on the relative strength indicator (RSI) will be an additional signal of a decline in the Canadian dollar on Forex. A strong rally and a breakout of 1.3775 would cancel out the downward trend in USD/CAD. This would indicate continued price appreciation with a potential target above 1.3985.
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