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 1.4381. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the pair’s decline in the near future. At the moment, it is worth considering an attempt to develop a bullish correction in the Canadian Dollar price and a test of the resistance level near the 1.4415 area. Next, a downward rebound and a continuation of the fall of the currency pair on Forex. The potential target of such movement of the instrument is the area below the 1.4205 level.
Canadian Dollar Forecast USDCAD for January 29, 2025
An additional signal in favor of a fall in Canadian Dollar quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of a fall will be a rebound from the upper border of the “Triangle” pattern. Cancellation of the option of a decline in the USD/CAD currency pair on Forex will be a strong growth and a breakout of the 1.4535 area. This will indicate a breakout of the resistance area and a continuation of the growth of quotes to the area above the 1.4795 level. Expect confirmation of the pair’s fall with a breakout of the support area and closing of the USD/CAD quotes below 1.4295, which will indicate a breakout of the lower border of the “Triangle” pattern and the beginning of the pattern with targets below.
Canadian Dollar Forecast USDCAD for January 29, 2025 suggests an attempt to test the resistance area near 1.4415. Further, a continuation of the fall to the area below 1.4205. An additional signal in favor of the decline of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. Cancellation of the option of a fall in USD/CAD quotes will be a strong growth and a breakout of the 1.4535 level. This will indicate a continued rise in the value of the asset with a potential target above the 1.4795 level.
