The currency pair Canadian Dollar to US Dollar USD/CAD ends the trading week with a strong growth within the formation of the bearish “5-0” model. 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 1.3835 area. Then, a rebound downwards and a continuation of the fall in quotes with a target below the level of 1.3485.
USD/CAD Forecast and Analysis October 21 — 25, 2024
An additional signal in favor of a decline in the USD/CAD currency pair will be a test of the trend line on the relative strength indicator. The second signal will be a rebound from the upper border of the downward “5-0” model. The cancellation of the option of a fall in the USD/CAD currency pair quotes in the current trading week of October 21 — 25, 2024 will be a strong growth and a breakout of the 1.4025 area. This will indicate a breakout of resistance and continued growth to the area above 1.4345. A breakout of the support level and price closing below 1.3570 will confirm the fall in the pair, which will indicate a breakout of the lower boundary of the bullish correction channel.
USD/CAD Forecast and Analysis October 21 — 25, 2024 suggests an attempt to develop a bullish correction and test the resistance area near 1.3835. Further, continued decline with a target below 1.3485. An additional signal in favor of a decline will be a test of the trend line on the relative strength indicator. The cancellation of the downward development scenario will be a strong growth and a breakout of the 1.4025 area. This will indicate a breakout of an important resistance level and continued growth with a target above 1.4345.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
