The US Dollar Canadian Dollar USD/CAD currency pair continues to move within the development of growth and a bullish channel. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3570. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continuation of the growth of the price pair in the near future. At the moment, it is worth considering an attempt to develop a price correction and test the support level near the area of 1.3565. Then, an upward rebound and continued growth of the currency pair on Forex. The potential target of such movement of the instrument is the area below the level of 1.3660.
USD/CAD Forecast Canadian Dollar March 5, 2024
An additional signal in favor of the growth of the Canadian Dollar quotes will be a test of the support line on the relative strength indicator. The second signal in favor of the rise will be a rebound from the lower border of the bullish channel. The cancellation of the growth option of the USD/CAD currency pair on Forex will be a fall and a breakout of the 1.3490 area. This will indicate a breakout of the support area and a continuation of the fall in quotes to the area below the level of 1.3345. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and closing of the USD/CAD quotes above the level of 1.3605.
There is no important news expected from Canada that could impact the USD/CAD rate, so the pair will continue to move within the framework of technical analysis.
Thus, USD/CAD Canadian Dollar forecast for March 5, 2024 suggests an attempt to test the resistance area near the level of 1.3565. Further, the continuation of the fall to the area below the level of 1.3660. An additional signal in favor of the decline of the Canadian Dollar on Forex will be a test of the trend line on the relative strength indicator. The cancellation of the option of falling USD/CAD quotes will be a strong growth and a breakout of the level of 1.3490. This will indicate a continuation of the rise in the value of the asset with a potential target above the level of 1.3345.
