The USD/CAD currency pair continues to move within the framework of the development of growth and a descending channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.4417. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from sellers and a potential continuation of the pair’s fall in the near future. At the moment, it is worth considering an attempt to develop the rise in the Canadian Dollar price and test the resistance level near the 1.4375 area. Next, a downward rebound and a continuation of the fall of the currency pair on Forex. The potential target of such movement of the instrument is the area below the 1.4205 level.
Canadian Dollar Forecast USDCAD for March 5, 2025
An additional signal in favor of a fall in the Canadian Dollar quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of a decline will be a rebound from the upper border of the descending channel. The cancellation of the fall option for the USD/CAD currency pair on Forex will be a strong growth and a breakout of the 1.4625 area. This will indicate a breakout of the resistance area and a continuation of the growth of quotes to the area above the 1.4845 level. Expect confirmation of the pair’s decline with a breakout of the support area and closing of the USD/CAD quotes below 1.4335, which will indicate a breakout of the lower boundary of the bullish correction channel.
Canadian Dollar Forecast USDCAD for March 5, 2025 suggests an attempt to test the resistance area near 1.4375. Further, a continuation of the fall to the area below 1.4205. An additional signal in favor of the decline of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. Cancellation of the option of a fall in USD/CAD quotes will be a strong growth and a breakout of the 1.4625 level. This will indicate a continuation of the rise in the value of the asset with a potential target above the 1.4845 level.
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