Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the growth and bullish channel. There is still potential for the formation of the “Wedge” reversal pattern. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.4000. Moving averages indicate the presence of 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 continuation of the 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 a test of the resistance level near the 1.4040 area. Then, a downward rebound and continued decline of the currency pair on Forex. The potential target of such movement of the instrument is the area below the 1.3865 level.
Canadian Dollar Forecast USDCAD for November 15, 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 decline will be a rebound from the upper border of the “Wedge” reversal pattern. The cancellation of the USD/CAD fall option on Forex will be a strong growth and a breakout of the 1.4105 area. This will indicate a breakout of the resistance area and continued growth of quotes to the area above 1.4275. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of the USD/CAD quotes below 1.3955, 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 15, 2024 suggests an attempt to test the resistance area near the 1.4040 level. Further, a continuation of the fall to the area below the 1.3865 level. 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. The cancellation of the USD/CAD quotes fall option will be a strong growth and a breakout of the 1.4105 level. This will indicate a continued rise in the asset value with a potential target above the 1.4275 level.
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