The USD/CAD currency pair continues to move within a bullish correction and a downward channel. At the time of publication, the USD/CAD exchange rate is 1.4437. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines upward, signaling pressure from sellers and the potential continuation of the pair’s decline soon. Currently, a bullish correction attempt for the Canadian Dollar and a test of the resistance level near 1.4505 are expected. Afterward, a downward rebound and further decline in the forex market are anticipated. The potential target for this movement is an area below 1.4225.
Canadian Dollar Forecast USDCAD for March 4, 2025
An additional signal in favor of a decline in Canadian Dollar quotes will be a test of the resistance line on the Relative Strength Index (RSI). The second signal favoring a decline will be a rebound from the upper boundary of the downward channel. The bearish scenario for USD/CAD will be invalidated if a strong rise occurs, breaking above the 1.4625 level. This would indicate a breakout of the resistance area and further growth in quotes above 1.4845. A confirmation of the pair’s decline should be expected with a breakout of the support area and the closing of quotes below 1.4325, indicating a breakout of the lower boundary of the bullish correction channel.
Canadian Dollar Forecast USDCAD for March 4, 2025 suggests an attempt to test the resistance area near 1.4505, followed by a decline below 1.4225. A test of the trend line on the RSI indicator will support the decline scenario. The bearish outlook will be canceled by strong growth and a breakout of the 1.4625 level, indicating continued appreciation with a potential target above 1.4845.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
