The currency pair USD/CAD continues its movement within the framework of a fall development and descending channel, maintaining potential for forming a reversal pattern “Double Bottom”. At the time of publishing the forecast, the US Dollar to Canadian Dollar exchange rate stands at 1.3776. Moving averages indicate the presence of a short-term bearish trend in the pair. Prices have broken through the area between signal lines downward, indicating pressure from sellers and potential continuation of the fall of the price pair very soon. Currently, it’s worth considering an attempt to develop a bear correction for the Canadian Dollar price and testing the support level near the area 1.3725. A subsequent bounce up and further growth in the Forex currency pair follows. The potential target for such instrument movement is above the level of 1.3985.
Canadian Dollar Forecast USD/CAD for May 28, 2025
Additional indication for the rise in the Canadian Dollar quotations will be a test of the support line on the Relative Strength Index (RSI). The second signal for growth is a bounce off the lower boundary of the reversal pattern “Double Bottom”. Cancellation of the USD/CAD currency pair growth option on Forex will be its fall and breaking through the area 1.3545. This indicates a break of the support area and continuation of price drop to an area below the level 1.3365. Expect confirmation of growth with breaking through the resistance zone and closing of the USD/CAD pair quotes above the level 1.3905, which will indicate breaking through the upper boundary of the descending channel.
Canadian Dollar Forecast USD/CAD for May 28, 2025 anticipates a test of the support area near the level 1.3725. Subsequently, continuation of growth to an area above the level 1.3985. An additional signal in favor of the growth of the Canadian Dollar on Forex will be testing the support line on the Relative Strength Index (RSI) indicator. Cancellation of the upward movement scenario for USD/CAD quotes would be a drop and a breakout below the level 1.3365, indicating continuation of the asset’s value depreciation with a potential target below the level 1.3335.
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