The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with growth within the formation of the Wedge reversal pattern. The moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and potential continuation of growth in the near future. At the moment, we should expect an attempt to develop an increase and test the resistance level near the 1.3965 area. Then, a rebound downwards and a continuation of the fall in quotes with a target below the level of 1.3675.
USD/CAD Forecast and Analysis November 4 — 8, 2024
An additional signal in favor of a decline in the USD/CAD currency pair will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the Wedge reversal pattern. Cancellation of the option of a fall in USD/CAD quotes in the current trading week of November 4 — 8, 2024 will be strong growth and a breakout of the 1.4145 area. This will indicate a breakout of resistance and continued growth to the area above the 1.4465 level. The fall in the pair will be confirmed by a breakout of the support level and closing of the price below 1.3815, which will indicate a breakout of the lower boundary of the bullish correction channel.
USD/CAD Forecast and Analysis November 4 — 8, 2024 suggests an attempt to develop a bullish correction and test the resistance area near 1.3965. Further, the continuation of the fall with a target below 1.3675. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. Cancellation of the decline development option will be strong growth and a breakout of the 1.4145 area. This will indicate a breakout of an important resistance level and continued growth with a target above 1.4465.
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