The Canadian Dollar to US Dollar (USD/CAD) currency pair is ending the trading week with a strong decline and remains within a descending channel. Moving averages indicate a bearish trend. Prices have broken below the area between the signal lines, indicating growing selling pressure on the currency pair and potential continued decline in the near future. Currently, we should expect an attempt at a bullish correction and a test of the resistance level near 1.3815. This should be followed by a downward rebound and continued decline with a target below 1.3065.
USD/CAD Weekly Forecast May 4 – 8, 2026
An additional signal of a decline in the USD/CAD currency pair will be a test of the resistance line on the relative strength indicator (RSI). A second signal will be a rebound from the lower boundary of the bullish channel. A strong rally and a breakout of the 1.4065 area would cancel the downside scenario for the USD/CAD currency pair during the current trading week (May 4-8, 2026). This would indicate a breakout of resistance and continued growth above 1.4375. A breakout of support and a price close below 1.3385 would confirm a decline in the pair.
USD/CAD Weekly Forecast May 4 – 8, 2026 suggests an attempt to develop a bullish correction and test the resistance area near 1.3815. Further decline is then expected with a target below 1.3065. An additional signal in favor of a decline would be a test of the resistance line on the relative strength indicator. A strong rally and a breakout of the 1.4065 area would cancel the downside scenario. This will indicate a breakout of a key resistance level and a continued rise with a target above 1.4375.
