Currency pair Canadian Dollar to US Dollar (USD/CAD) completes the trading week with a decline within the formation of a reversal pattern “Wedge”. Moving averages indicate an upward trend. Prices breached the area between signal lines downwards, which indicates pressure from the sellers of the currency pair and potential continuation of the decline soon. Currently, it is expected to anticipate a downward attempt and testing of the support level close to the area 1.3745. Then, a bounce up and continued price rise towards a target above the level 1.4475.
USD/CAD Weekly Forecast June 2 — 6, 2025
Additional indication for the growth of the currency pair USD/CAD would be testing the support line on the Relative Strength Index (RSI) indicator. The second signal would be a bounce off the lower boundary of the bullish channel. Cancellation of the option for an increase in quotations of the currency pair USD/CAD on the current trading week 2 – 6 June 2025 would be a decline and breaking through the area of 1.3485. This would indicate a break-through support and continuation of the fall to the region below the level of 1.3165. Confirmation for an upward movement by this pair would be breaking the resistance level and closing price above the level of 1.4085, which would signal breaking through the upper boundary of the reversal pattern “Clamp” and beginning implementation of the pattern with targets upwards.
USD/CAD Weekly Forecast June 2 – 6, 2025 predicts an attempt of developing a bearish correction and testing the support area near the level of 1.3745. Then, continuation of growth with a target above the level of 1.4475. An additional signal in favor of the growth would be testing the trend line on the Relative Strength Index (RSI) indicator. Cancellation of the upswing scenario will be a drop and breaking through the area of 1.3485, indicating a breach of an important support level and continuation of the decline with a target below 1.3165.
