Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the development of growth and a bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3782. 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 a fall in the Canadian Dollar price and a test of the support level near the 1.3745 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 1.3965 level.
Canadian Dollar Forecast USDCAD for October 18, 2024
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the broken downward trend line on the relative strength indicator. The second signal in favor of the rise will be a rebound from the lower border of the bullish channel. The USD/CAD currency pair growth option on Forex will be cancelled if it falls and breaks through the 1.3685 area. This will indicate a breakthrough of the support area and a continuation of the fall in quotes to the area below 1.3275. The pair’s growth should be confirmed with a breakthrough of the resistance area and the closing of USD/CAD quotes above 1.3915, which will indicate a breakthrough of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
Canadian Dollar Forecast USDCAD for October 18, 2024 suggests an attempt to test the support area near the 1.3745 level. Further, a continuation of the fall to the area above the 1.3965 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 scenario will be cancelled if the pair falls and breaks through the 1.3685 level. This will indicate a continued decline in the asset value with a potential target below the 1.3275 level.
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