Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of correction development and descending channel. At the moment of forecast publication the USD/CAD exchange rate is 1.3662. Moving averages indicate the presence of a short-term bullish trend on the pair. Prices broke through the area between the signal lines upwards, which indicates the pressure from the sellers and potential continuation of the pair’s decline in the near future. At the moment, we should consider an attempt to develop the growth of the Canadian Dollar price and test the resistance level near the area of 1.3695. Further, bounce down and continuation of the currency pair decline on Forex. The potential target of such movement of the instrument is the area below the level of 1.3565.
Canadian Dollar Forecast USD/CAD for July 8, 2025
An additional signal in favor of the fall of the Canadian Dollar quotes will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of the rise will be a rebound from the upper boundary of the bearish channel. A strong growth and breakdown of the 1.3735 area will cancel the option of USD/CAD currency pair decline on Forex. This will indicate the breakdown of the resistance area and the continuation of the quotes growth to the area above the level of 1.3985. We should expect confirmation of the pair’s fall with the breakdown of the support area and closing of the USD/CAD pair quotes under the level of 1.3605, which will indicate the breakdown of the lower boundary of the bullish correction channel.
Canadian Dollar Forecast USD/CAD for July 8, 2025 suggests an attempt to test the resistance area near the level of 1.3695. Further, the continuation of the decline to the area below the level of 1.3565. An additional signal in favor of the decline of the Canadian Dollar on Forex will be a test of the resistance line on the relative strength indicator. A strong growth and breakdown of 1.3735 level will cancel the variant of USD/CAD quotes decline. This will indicate the continuation of the rise in the value of the asset with a potential target above the level of 1.3985.
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