Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the correction and bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.4351. 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’s growth in the near future. At the moment, it is worth considering an attempt to develop a decline in the Canadian Dollar price and a test of the support level near the 1.4305 area. Next, an upward rebound and continued growth of the currency pair on Forex. The potential target of such an instrument movement is the area above the 1.4645 level.
Canadian Dollar Forecast USDCAD for January 8, 2025
An additional signal in favor of the rise 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 area of the lower border of the bullish channel. The cancellation of the option of the rise of the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.4155 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the 1.4025 level. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and the closing of the USD/CAD quotes above the 1.4405 level. There is no important news from Canada that could affect the USD/CAD rate, so the pair will continue to move within the technical analysis.
Canadian Dollar Forecast USDCAD for January 8, 2025 suggests an attempt to test the support area near the level of 1.4305. Further, continued growth to the area above the level of 1.4645. 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 the level of 1.4155. This will indicate a continued decline in the value of the asset with a potential target below the level of 1.4025.
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