Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the fall and bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.4004. 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 price pair growth in the near future. At the moment, it is worth considering an attempt to develop an increase in the Canadian Dollar price and a test of the resistance level near the 1.4075 area. Further, a rebound downwards and a continuation of the fall of the currency pair on Forex. The potential target of such movement of the instrument is the area below the 1.3805 level.
Canadian Dollar Forecast USDCAD for November 29, 2024
An additional signal in favor of a fall 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 resistance area on the price chart. The cancellation of the USD/CAD fall scenario on Forex will be a strong growth and a breakout of the 1.4265 area. This will indicate a breakout of the resistance area and continued growth of quotes to the area above 1.4415. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of USD/CAD quotes below 1.3915, which will indicate a breakout of the lower border of the bullish channel.
Canadian Dollar Forecast USDCAD for November 29, 2024 suggests an attempt to test the resistance area near the 1.4075 level. Further, a continuation of the fall to the area below the 1.3805 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 scenario will be a strong growth and a breakout of the 1.4265 level. This will indicate continued growth in the asset value with a potential target above the 1.4415 level.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
