The USD/CAD currency pair continues to move within the framework of the development of a correction and a descending channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3887. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continued growth of the pair in the near future. At the moment, it is worth considering an attempt to develop a decline in the Canadian Dollar price and test the support level near the 1.3865 area. Next, an upward rebound and continued growth of the currency pair on Forex. The potential target of such movement of the instrument is the area above the 1.4025 level.
Canadian Dollar Forecast USDCAD for April 29, 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 indicator. The second signal in favor of a fall will be a rebound from the lower border of the “Triangle” pattern. The cancellation of the growth option of the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.3835 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the 1.3655 level. Expect confirmation of the pair’s fall with a breakout of the resistance area and closing of the USD/CAD quotes above 1.3965, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
Canadian Dollar Forecast USDCAD for April 29, 2025 suggests an attempt to test the support area near the level of 1.3865. Further, continuation of growth to the area above the level of 1.4025. An additional signal in favor of the rise of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. The cancellation of the growth option of USD/CAD quotes will be a fall and a breakout of the level of 1.3835. This will indicate a continuation of the decline in the value of the asset with a potential target below the level of 1.3655.
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