The Canadian Dollar to US Dollar (USD/CAD) currency pair is ending the trading week with a correction within a descending channel. Potential for a bearish Wolfe Wave pattern to form remains. Moving averages indicate a bearish trend. Prices have broken below the area between the signal lines, indicating downward pressure from sellers of 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 1.3995. This should be followed by a downward rebound and continued decline with a target below 1.3345.
USDCAD Weekly Forecast April 20 – 24, 2026
An additional signal favoring a decline in the USD/CAD currency pair will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper boundary of the bearish Wolfe Wave pattern. A strong rally and a breakout of the 1.4235 area would cancel out the downward trend in the USD/CAD currency pair during the current trading week (April 20-24, 2026). This would indicate a breakout of resistance and continued growth above 1.4575. A decline in the pair would be confirmed by a breakout of support and a price close below 1.3825, which would indicate a breakout of the lower boundary of the bearish Wolfe Wave pattern.
USDCAD Weekly Forecast April 20 – 24, 2026 suggests an attempt to develop a bullish correction and test the resistance area near 1.3995. Further decline is then expected with a target below 1.3345. An additional signal supporting a decline will be a test of the resistance line on the relative strength indicator (RSI). A strong rally and a breakout of the 1.4235 area would cancel out the downward scenario. This would indicate a breakout of a key resistance level and a continued rise with a target above 1.4575.
