The USD/CAD currency pair continues to move within the correction and the beginning of the “Wedge” reversal pattern. At the time of publication, the US dollar to Canadian dollar exchange rate is 1.3674. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, indicating 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 bearish correction of the Canadian dollar price and a test of the support level near the 1.3635 area. Further, an upward rebound and continued growth of the currency pair on Forex. The potential target for such a movement of the instrument is the area above the 1.3855 level.
Canadian Dollar Forecast USD/CAD for June 10, 2025
An additional signal in favor of a rise in the Canadian dollar quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the upper border of the “Wedge” reversal pattern. A fall and breakout of the 1.3545 area will cancel the growth scenario for the USD/CAD currency pair on Forex. This will indicate a breakout of the support area and a continuation of the decline in quotes to an area below the 1.3275 level. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and the closing of the USD/CAD pair above the 1.3785 level, which will indicate a breakout of the upper border of the downward channel.
Canadian Dollar Forecast USDCAD for June 10, 2025 suggests an attempt to test the support area near the 1.3635 level. Further, growth will continue to the area above the 1.3855 level. An additional signal in favor of the Canadian dollar’s growth on Forex will be a test of the support line on the relative strength indicator. A fall and breakout of the 1.3545 level will cancel the option of a rise in USD/CAD quotes. This will indicate a continuation of the decline in the asset’s value with a potential target below the 1.3275 level.
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