Currency pair US Dollar Canadian Dollar USD/CAD continues to move within the growth and bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3916. Moving averages indicate 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 continued 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 test the resistance level near the 1.3965 area. Next, a downward rebound and continued fall of the currency pair on Forex. The potential target of such movement of the instrument is the area below the 1.3795 level.
Canadian Dollar Forecast USDCAD for October 31, 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 decrease will be a rebound from the upper border of the “Wedge” reversal pattern. 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 1.3985 area. This will indicate a breakout of the resistance area and continued growth of quotes to the area above the 1.4235 level. Confirmation of the pair’s fall should be expected with a breakout of the support area and closing of the USD/CAD quotes below 1.3875, 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 October 31, 2024 suggests an attempt to test the support area near the level of 1.3865. Further, continuation of growth to the area above the level of 1.4040. 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 cancellation of the growth option of USD/CAD quotes will be a fall and a breakout of the level of 1.3790. This will indicate a continued decline in the asset’s value with a potential target below the level of 1.3565.
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