The USD/CAD currency pair continues to move within the framework of a bullish correction and descending channel. At the time of publishing the forecast, the exchange rate of USD to CAD is 1.4339. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines upwards, suggesting pressure from sellers and the potential for a continued decline of the pair in the near future. At this point, we should consider an attempt to develop a bullish correction in the Canadian Dollar’s price and a test of the resistance level near 1.4465. After that, a downward rebound and the continuation of the currency pair’s decline on Forex. The potential target for this movement is below the 1.4185 level.
Canadian Dollar Forecast USDCAD for February 28, 2025
An additional signal in favor of a decline in CAD quotes will be a test of the resistance line on the Relative Strength Index (RSI). The second signal in favor of a decrease will be a rebound from the upper boundary of the descending channel. The decline scenario for the USD/CAD currency pair on Forex will be canceled by a strong rise and a break of the 1.4575 area. This will indicate a breakout of the resistance area and a continuation of the price growth to levels above 1.4755. Confirmation of the pair’s decline should be expected with a break of the support area and a closing of USD/CAD quotes below the 1.4165 level, which will indicate a breakout of the lower boundary of the bullish channel.
Canadian Dollar Forecast USDCAD for February 28, 2025 suggests an attempt to test the resistance area near 1.4465. After that, the continuation of the decline to below the 1.4185 level. An additional signal in favor of a decline in the Canadian Dollar on Forex will be a test of the trendline on the Relative Strength Index indicator. The decline scenario for USD/CAD quotes will be canceled by a strong rise and a break of the 1.4575 level. This will indicate a continuation of the asset’s price rise with a potential target above the 1.4755 level.
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