The US Dollar/Canadian Dollar (USD/CAD) currency pair continues to move higher and has broken out of the descending channel. At the time of this forecast, the US Dollar to Canadian Dollar exchange rate is 1.3828. 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. At this point, we should consider an attempt to develop a bearish correction in the Canadian Dollar price and a test of support near 1.3785. Subsequently, an upward rebound and continued growth of the currency pair on Forex are possible. A potential target for such a move is above 1.3985.
Canadian Dollar Forecast USD/CAD for January 8, 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 descending channel. A decline and a break of the 1.3705 area would cancel the uptrend for the USD/CAD currency pair on Forex. This would indicate a break of the support area and a continuation of the decline below 1.3545. 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 1.3945, which would indicate a break of the upper boundary of the descending channel.
Canadian Dollar Forecast USD/CAD for January 8, 2026 suggests an attempt to test the support area near 1.3785. Further growth is expected to continue above 1.3985. A test of the support line on the relative strength indicator (RSI) will be an additional signal in favor of the Canadian dollar’s growth on Forex. A decline and a break of 1.3705 will cancel out the upward trend in USD/CAD quotes. This will indicate continued decline in the asset’s price, with a potential target below 1.3545.
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