The Canadian Dollar to US Dollar (USD/CAD) currency pair is ending the trading week with a decline as a Head and Shoulders reversal pattern begins to materialize. 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 1.3685. This should be followed by a downward rebound and continued decline with a target below 1.3095.
USDCAD Weekly Forecast February 2 – 6, 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). A second signal will be a rebound from the upper boundary of the bearish channel. A strong rally and a breakout of the 1.3975 area would cancel out the USD/CAD price decline during the current trading week (February 2-6, 2026). This would indicate a breakout of resistance and continued growth above 1.4265. A breakout of support and a price close below 1.3405 would confirm a decline in the pair.
USDCAD Weekly Forecast February 2 – 6, 2026 suggests an attempt to develop a bullish correction and test the resistance area near 1.3685. Further decline is expected with a target below 1.3095. An additional signal favoring a decline would be a test of the resistance line on the relative strength indicator. A strong rally and a breakout of the 1.3975 area would cancel out the downward trend. This would indicate a breakout of a key resistance level and a continued rise with a target above 1.4265.
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