The currency pair Canadian Dollar to US Dollar USD/CAD is ending the trading week with a decline within the formation of the “Wedge” reversal pattern. The moving averages indicate an upward trend. Prices are again testing the area between the signal lines, 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 a fall and a test of the support level near the 1.4015 area. Then, an upward rebound and continued growth of quotes with a target above the 1.4485 level.
USD/CAD Weekly Forecast February 24 — 28, 2025
An additional signal in favor of the growth of the USD/CAD currency pair will be a test of the support line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of increasing quotes of the USD/CAD currency pair in the current trading week of February 24 — 28, 2025 will be a fall and a breakout of the 1.3875 area. This will indicate a breakout of support and a continuation of the fall to the area below the level of 1.3455. The growth of the pair will be confirmed by a breakout of the resistance level and the price closing above the level of 1.4305, which will indicate a breakout of the upper border of the “Wedge” reversal pattern and the beginning of the implementation of the pattern with targets at the top.
USD/CAD Weekly Forecast February 24 — 28, 2025 suggests an attempt to develop a bearish correction and test the support area near the level of 1.4015. Further, continued growth with a target above the level of 1.4485. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the growth scenario will be a fall and a breakout of the 1.3875 area. This will indicate a breakout of an important support level and a continuation of the fall with a target below 1.3455.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
