Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the development of a bullish correction and a descending channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3507. Moving averages indicate 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 pair’s decline 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 1.3575 area. Next, a downward rebound 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 1.3305 level.
Canadian Dollar Forecast USDCAD for October 1, 2024
An additional signal in favor of a decrease in Canadian Dollar quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of a decline will be a rebound from the upper border of the descending channel. The 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 1.3635 area. This will indicate a breakout of the resistance area and a continuation of the growth of quotes to the area above the 1.3885 level. Expect confirmation of the pair’s fall with a breakout of the support area and closing of the USD/CAD quotes below 1.3455.
Canadian Dollar Forecast USDCAD for October 1, 2024 suggests an attempt to test the resistance area near 1.3575. Further, a continuation of the fall to the area below 1.3305. 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 option of a fall in USD/CAD quotes will be a strong growth and a breakout of the 1.3635 level. This will indicate a continuation of the rise in the value of the asset with a potential target above the 1.3885 level.
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