The currency pair US Dollar Canadian Dollar (USD/CAD) continues its movement within the context of growth development and has left the boundaries of the descending channel. Now of publishing the forecast, the rate of US Dollar to Canadian Dollar is at 1.3825. Moving averages indicate a short-term bearish trend for the pair. Prices have breached the area between signal lines downwards, which points to seller pressure and potential continuation of the price drop already soon. At present, it would be advisable to consider the attempt for development of a bear correction in the Canadian Dollar’s price with testing of the support level close to the region of 1.3775. Subsequently, a rebound upwards and continuation of the rise of the currency pair on Forex. The potential target for such movement of the instrument is the area above the level of 1.3985.
Canadian Dollar Forecast USD/CAD for May 29, 2025
Additional signals in favor of the rise in the Canadian Dollar quotations would be a test of the support line on the Relative Strength Index (RSI) indicator. The second signal for growth is bouncing off the upper boundary of the descending channel. Cancellation of the USD/CAD currency pair’s upward option on Forex would be a fall and breaking through the area 1.3665. This would indicate a break-through support zone and continued decline in quotations to an area below the level of 1.3415. Expect confirmation of growth with a breakout of resistance zone and closing quotations of the USD/CAD pair above the level of 1.3865.
Canadian Dollar Forecast USD/CAD for May 29, 2025 suggests a test of the support area near the level 1.3775. Subsequently, an increase to an area above the level 1.3985 is expected. An additional signal in favor of the rise in the USD/CAD exchange rate would be a test of the support line on the Relative Strength Index (RSI) indicator. A reversal of the upward price movement in USD/CAD will occur if there’s a drop and a break below the level 1.3665, indicating continued decline in the asset value with a potential target below the level 1.3415.
