The USD/CAD currency pair continues to move within the framework of growth development and the beginning of the “Wedge” model implementation. At the time of the forecast publication, the US Dollar to Canadian Dollar exchange rate is 1.3882. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the price pair’s fall in the near future. At the moment, it is worth considering an attempt to develop the Canadian Dollar price fall and test the support level near the 1.3825 area. Further, an upward rebound and continued growth of the currency pair on Forex. The potential target of such movement of the instrument is the area above the 1.4085 level.
Canadian Dollar Forecast USDCAD for May 9, 2025
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the support line on the relative strength indicator. The second signal in favor of the fall will be a rebound from the lower border of the descending channel. The USD/CAD currency pair growth option on Forex will be cancelled if it falls and breaks through the 1.3635 area. This will indicate a breakthrough of the support area and a continuation of the fall in quotes to the area below 1.3355. The pair’s growth will be confirmed with a breakthrough of the resistance area and the closing of the USD/CAD quotes above 1.3965, which will indicate a breakthrough of the upper border of the descending channel.
Canadian Dollar Forecast USDCAD for May 9, 2025 suggests an attempt to test the support area near the 1.3825 level. Further, continued growth to the area above the 1.4085 level. An additional signal in favor of the rise of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. The USD/CAD growth option will be cancelled if it falls and breaks through the 1.3635 level. This will indicate a continued decline in the asset’s value with a potential target below the level of 1.3355.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
