The USD/CAD currency pair continues to move within the growth trend and has left the boundaries of the downward channel. At the time of publication, the US dollar to Canadian dollar exchange rate is 1.3745. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upwards, indicating pressure from buyers and a potential continuation of the pair’s growth soon. Now, it is worth considering an attempt to develop a bearish correction of the Canadian dollar price and a test of the support level near the 1.3675 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 1.3945 level.
Canadian Dollar Forecast USD/CAD for June 24, 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 bullish channel. A fall and breakout of the 1.3555 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 decline in quotes to an area below the 1.3275 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 1.3835 level.
Canadian Dollar Forecast USD/CAD for June 24, 2025, suggests an attempt to test the support area near the 1.3675 level. Further, growth will continue to the area above the 1.3945 level. An additional signal in favor of the rise of the Canadian dollar on Forex will be a test of the support line on the relative strength indicator. A fall and breakout of the 1.3555 level will cancel the USD/CAD growth scenario. This will indicate a continuation of the asset’s decline with a potential target below the 1.3275 level.
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