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 1.4321. 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 1.4235 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 1.4525 level.
Canadian Dollar Forecast USDCAD for December 19, 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 cancellation of the growth option for the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.4205 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below 1.3965. Expect confirmation of the pair’s growth with a breakout of the resistance area and closing of the USD/CAD quotes above 1.4385, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
Canadian Dollar Forecast USDCAD for December 19, 2024 suggests an attempt to test the support area near the level of 1.4235. Further, continuation of growth to the area above the level of 1.4525. 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 1.4205. This will indicate a continuation of the decline in the value of the asset with a potential target below the level of 1.3965.
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