The USD/CAD currency pair continues to move within the development of a bearish correction and the formation of the “Triangle” pattern. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.4411. Moving averages indicate the presence of a short-term bearish 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 growth of the price pair in the near future. At the moment, it is worth considering an attempt to develop a bearish correction in the Canadian Dollar price and a test of the support level near the 1.4335 area. Further, an upward rebound and continued growth of the currency pair on Forex. The potential target of such movement of the instrument is the area above the 1.4665 level.
Canadian Dollar Forecast USDCAD for March 13, 2025
An additional signal in favor of an increase in Canadian Dollar quotes will be a test of the support line on the relative strength indicator. The second signal in favor of growth will be a rebound from the lower border of the “Triangle” pattern. The USD/CAD currency pair growth option on Forex will be cancelled if it falls and breaks through the 1.4235 area. This will indicate a breakthrough of the support area and a continuation of the fall in quotes to the area below 1.4015. The pair’s growth should be confirmed with a breakthrough of the resistance area and the closing of USD/CAD quotes above 1.4505, which will indicate a breakthrough of the upper border of the “Triangle” pattern and the beginning of the implementation of the pattern with targets at the top.
Canadian Dollar Forecast USDCAD for March 13, 2025 suggests an attempt to test the support area near the 1.4335 level. Further, continued growth to the area above the 1.4665 level. 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 USD/CAD growth scenario will be cancelled by a fall and a breakout of the 1.4235 level. This will indicate a continued decline in the asset value with a potential target below the 1.4015 level.
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