Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the growth and the formation of the “Wedge” reversal pattern. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3896. 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 buyers and potential continued growth of the price pair in the near future. At the moment, it is worth considering an attempt to develop the growth of the Canadian Dollar price and test the resistance level near the 1.3955 area. Next, a rebound downwards and continued fall of the currency pair on Forex. The potential target of such movement of the instrument is the area below the 1.3725 level.
Canadian Dollar Forecast USDCAD for November 1, 2024
An additional signal in favor of a decrease in Canadian Dollar quotes will be a test of the bearish trend line on the relative strength indicator. The second signal in favor of a decrease will be a rebound from the upper border of the “Wedge” reversal pattern. Cancellation of the option of a fall in the USD/CAD currency pair on Forex will be a strong growth and a breakout of the 1.4065 area. This will indicate a breakout of the resistance area and continued growth of quotes to the area above the 1.4255 level. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of the USD/CAD quotes below 1.3865, which will indicate a breakout of the lower border of the “Wedge” reversal pattern and the beginning of the pattern with targets below.
Canadian Dollar Forecast USDCAD for November 1, 2024 suggests an attempt to test the resistance area near 1.3955. Further, a continuation of the fall to the area below 1.3725. 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 1.4255 level. This will indicate a continued rise in the value of the asset with a potential target above the 1.4065 level.
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