The USD/CAD currency pair continues to move within the framework of the development of the 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 1.4318. Moving averages indicate the presence of 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 fall in 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 1.4275 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 1.4465 level.
Canadian Dollar Forecast USDCAD for March 20, 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 cancellation of the growth option for the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.4215 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below 1.4015. Expect confirmation of the pair’s growth with a breakout of the resistance area and closing of the USD/CAD quotes above 1.4375, which will indicate a breakout of the upper border of the downward correction channel.
Canadian Dollar Forecast USDCAD for March 20, 2025 suggests an attempt to test the support area near 1.4275. Further, continuation of growth to the area above 1.4465. 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 1.4215. This will indicate a continued decline in the asset’s value with a potential target below the 1.4015 level.
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