Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the framework of the development of the fall 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 1.3505. Moving averages indicate the presence of 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 fall 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 1.3545 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 level of 1.3295.
Canadian Dollar Forecast USDCAD for October 2, 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 decrease will be a rebound from the upper border of the “Wedge” pattern. The cancellation of the option of a fall of 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 continued growth of quotes to the area above 1.3885. Expect confirmation of the pair’s fall with a breakout of the support area and closing of the USD/CAD quotes below 1.3460, which will indicate a breakout of the lower border of the bullish correction channel.
Canadian Dollar Forecast USDCAD for October 2, 2024 suggests an attempt to test the resistance area near the level of 1.3545. Further, a continuation of the fall to the area below the level of 1.3295. 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 level of 1.3635. This will indicate a continued rise in the value of the asset with a potential target above the level of 1.3885.
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