The currency pair US Dollar/Canadian Dollar USD/CAD continues its movement within the framework of a corrective development and formation of a “Triangle” model. At the time of this forecast’s publication, the US Dollar to Canadian Dollar exchange rate stands at 1.3947. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are again testing the area between signal lines, which indicates pressure from buyers and the potential continuation of price growth soon. Currently, it would be advisable to consider an attempt at developing a fall in the Canadian Dollar’s price and testing the support level near the region 1.3905. A subsequent upward bounce and continued growth in the currency pair on Forex follows. The potential target for such instrument movement is the area above the level of 1.4065.
Canadian Dollar Forecast USDCAD for May 21, 2025
Additional confirmation of the upward movement in the value of the Canadian Dollar will be a test of the support line on the Relative Strength Index (RSI). A second signal indicating a decline would be a rebound from the lower border of the reversal pattern “Triangle”. Cancellation of the USD/CAD currency pair’s growth option on Forex would be a drop below the area of 1.3865. This will indicate that support has been broken and prices are set to fall into an area below the level of 1.3665. Confirmation of upward movement in the pair should occur with breaking through the resistance zone and closing the USD/CAD currency pair’s quotes above the level of 1.4015, indicating a break through the upper border of the reversal pattern “Triangle” and the beginning of implementing the pattern upwards.
Canadian Dollar Forecast USDCAD for May 21, 2025 anticipates a test of the support area near the level 1.3905. Subsequently, continuation of growth towards an area above the level 1.4065. A bullish signal for the rise of the Canadian Dollar on Forex would be testing the trend line on the Relative Strength Index (RSI) indicator. Cancellation of the price increase scenario in USD/CAD quotes will come with a drop and breaking through the level 1.3665, indicating continued depreciation of the asset’s value with a potential target below the level 1.4015.
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