The USD/CAD currency pair continues to move within the framework of a downward trend and the formation of a “Wedge” reversal pattern. At the time of publication, the US dollar to Canadian dollar exchange rate is 1.3592. Moving averages indicate a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the pair’s decline soon. Now, it is worth considering an attempt to develop a decline in the Canadian dollar price and a test of the support level near the 1.3545 area. Further, an upward rebound and continued growth of the currency pair on Forex. The potential target for such a movement of the instrument is the area above the 1.3765 level.
Canadian Dollar Forecast USD/CAD for June 18, 2025
An additional signal in favor of the growth of the Canadian dollar quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the “Wedge” reversal pattern. A fall and breakout of the 1.3475 area will cancel the option of a rise in the USD/CAD currency pair on Forex. This will indicate a breakout of the support area and a continuation of the fall in quotes to an area below the 1.3295 level. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and the closing of the USD/CAD pair above the 1.3665 level, which will indicate a breakout of the upper border of the “Wedge” reversal pattern and the beginning of the pattern’s implementation with targets at the top.
Canadian Dollar Forecast USD/CAD for June 18, 2025 suggests an attempt to test the support area near the 1.3545 level. Further, continued growth to the area above the 1.3765 level. An additional signal in favor of the Canadian dollar’s rise on Forex will be a test of the support line on the relative strength indicator. A fall and breakout of the 1.3475 level will cancel the USD/CAD growth scenario. This will indicate a continuation of the asset’s decline with a potential target below the 1.3295 level.
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