The currency pair USD/CAD continues its movement within the framework of developing a descending trend and forming a reversal pattern “Wedge”. At the time of this forecast publication, the US Dollar to Canadian Dollar exchange rate is at 1.3723. Moving averages indicate the presence of a short-term bearish trend for the currency pair. Prices have broken through the area between signal lines downwards, indicating pressure from sellers and potential continuation of the price fall already soon. Currently, it would be advisable to consider the development of a bearish price correction for the Canadian Dollar and testing the support level close to the 1.3665 region. Following a bounce upwards and further growth of the currency pair on Forex. The potential target for this movement could be an area above the 1.3975 level.
Canadian Dollar Forecast USD/CAD for June 4, 2025
Additional bullish signal for the rise in the price of the Canadian Dollar would be a test of the support line on the Relative Strength Index (RSI) indicator. The second signal in favor of growth is a bounce off the lower boundary of the reversal pattern “Wedge”. Cancellation of the USD/CAD currency pair’s upward option on Forex will be a drop and a breakthrough the area of 1.3485. This will indicate a breakthrough the support area and continuation of price fall to the region below the level of 1.3275. A confirmation for growth in the pair should be with a breakout of the resistance area and closing of the pair’s USD/CAD quotes above the level of 1.3865, which will indicate a breakthrough the upper boundary of the reversal pattern “Wedge” and beginning implementation of the pattern upwards with targets above.
Canadian Dollar Forecast USD/CAD for June 4, 2025 suggests a test of the support area near the level 1.3665. Subsequently, an increase to a region above the level 1.3975. An additional signal in favor of the rise in the Canadian Dollar on Forex will be a test of the support line on the Relative Strength Index (RSI) indicator. Cancellation of the variant of price movement rise in USD/CAD will be its fall and break through the level 1.3485, which will indicate continuation of the asset’s value decrease with a potential target below the level 1.3275.
