The currency pair USD/CAD continues its movement within the framework of a correction development and triangle formation model. At the time of this forecast publication, the US dollar to Canadian dollar exchange rate is at 1.3944. Moving averages indicate a short-term bullish trend for the pair. Prices are once again testing the area between signal lines, indicating pressure from buyers and potential continuation of price growth soon. Currently, it’s worth considering the attempt for a decline in the value of the Canadian dollar and testing the support level near the region 1.3915. A rebound upwards and further growth of the currency pair on Forex follows. The potential target for such an instrument movement is above the 1.4115 level.
Canadian Dollar Forecast USDCAD for May 20, 2025
Additional signals in favor of the Canadian Dollar’s price growth would be a test of the support line on the Relative Strength Index (RSI). A second signal for decline is a rebound from the lower boundary of the reversal pattern “Clamp”. The termination of the USD/CAD currency pair growth option on Forex will happen upon a drop and penetration into the area 1.3865. This would indicate a breach of the support zone and further price decline to an area below the level 1.3665. An expectation for confirmation of price growth should occur with penetration into the resistance area and closing prices for the USD/CAD currency pair above the level 1.4015, which indicates a breach of the upper boundary of the “Clamp” reversal pattern and the start of implementing a pattern with targets upwards.
Canadian Dollar Forecast USDCAD for May 20, 2025 anticipates a test of the support area near the level 1.3915. Then, continuation of growth towards levels above 1.4115. An additional bullish signal for the appreciation of the Canadian Dollar on Forex would be testing the trend line on the Relative Strength Index indicator. Cancellation of the upward price movement option in USD/CAD will occur with a decline and breach of the level 1.3865, indicating continuation of asset value depreciation with potential target below the level 1.3665.
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