Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the correction and the formation of the “Triangle” model. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.4392. 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 price 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 1.4345 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 1.4575 level.
Canadian Dollar Forecast USDCAD for December 27, 2024
An additional signal in favor of an increase in Canadian Dollar quotes will be a test of the trend line on the relative strength indicator. The second signal in favor of growth will be a rebound from the lower border of the “Triangle” pattern. The cancellation of the option of an increase in the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.4285 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the 1.4165 level. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of the USD/CAD quotes above 1.4465, which will indicate a breakout of the upper border of the “Triangle” reversal pattern and the beginning of the pattern’s implementation with targets at the top.
Canadian Dollar Forecast USDCAD for December 27, 2024 suggests an attempt to test the support area near 1.4345. Further, continued growth to the area above 1.4575. 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 for USD/CAD quotes will be a fall and a breakout of 1.4285. This will indicate a continued decline in the value of the asset with a potential target below 1.4165.
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