The Canadian dollar/US dollar currency pair (USD/CAD) ended the trading week with a decline as part of the formation of a “wedge” reversal pattern. Moving averages indicate an upward trend. Prices broke through the area between the signal lines downwards, indicating pressure from sellers of the currency pair and a potential continuation of the decline soon. Now, we should expect an attempt to decline and test the support level near the 1.3625 area. Then, a rebound upward and continued growth in quotes with a target above the 1.4045 level.
USD/CAD Weekly Forecast June 16 — 20, 2025
An additional signal in favor of the growth of the USD/CAD currency pair will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the “Wedge” reversal pattern. A fall and breakout of the 1.3465 area will cancel the option of a rise in the USD/CAD currency pair during the current trading week of June 16-20, 2025. This will indicate a breakout of support and a continuation of the decline to the area below the 1.3135 level. Confirmation of growth in the pair will be a breakout of the resistance level and a close above the 1.3855 level, which will indicate a breakout of the upper border of the “Wedge” reversal pattern and the beginning of the pattern’s implementation with targets at the top.
USD/CAD Weekly Forecast June 16 — 20, 2025 suggests an attempt to develop a bearish correction and test the support area near the 1.3625 level. Further, growth will continue with a target above the 1.4045 level. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. A fall and breakout of the 1.3465 area will cancel the upward trend. This will indicate a breakout of an important support level and a continuation of the decline with a target below 1.3135.
