Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the growth and bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.4245. Moving averages indicate the presence of 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 continuation of the price pair growth in the near future. At the moment, it is worth considering an attempt to develop a bearish correction in the Canadian Dollar price and a test of the support level near the 1.4195 area. Further, 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 1.4345 level.
Canadian Dollar Forecast USDCAD for December 17, 2024
An additional signal in favor of a fall in Canadian Dollar quotes will be a test of the bullish trend line on the relative strength indicator. The second signal in favor of growth will be a rebound from the lower border of the bullish channel. The USD/CAD growth scenario on Forex will be cancelled if the pair falls and breaks through the 1.4105 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below 1.3845. The pair’s growth will be confirmed with a breakout of the resistance area and the closing of the USD/CAD quotes above 1.4275.
Canadian Dollar Forecast USDCAD for December 17, 2024 suggests an attempt to test the support area near the 1.4195 level. Further, continued growth to the area above the 1.4345 level. 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 USD/CAD growth scenario will be cancelled if the pair falls and breaks through the 1.4105 level. This will indicate a continued decline in the asset value with a potential target below 1.3845.
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