Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3524 and continues to move as part of the rise and the bullish channel. The pair is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend for the US Dollar/Canadian Dollar pair. As part of the USD/CAD Forex forecast for tomorrow, August 18, 2023, a correction of the currency pair is expected to develop and a test of the Ichimoku Kinko Hyo signal line area near the level of 1.3495. Where should we expect an attempt to bounce up and continue the growth of the USD/CAD pair with a potential target at the level of 1.3695.
Canadian Dollar Forecast USD/CAD for August 18, 2023
An additional signal in favor of the rise of the USD/CAD pair will be a rebound from the support area on the pair’s chart. The second signal will be a rebound from the lower border of the bullish channel. Earlier, a strong signal was received for buying US Dollar Canadian Dollar. The signal was formed due to the crossing of the signal lines at the level of 1.3175.
Cancellation of the growth option for the quotes of the USD/CAD currency pair will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the level of 1.3295. Such a scenario will indicate a change in the bullish trend in favor of the bearish trend and the continuation of the fall of the currency pair. Expect an acceleration in the growth of USD/CAD quotes with a breakdown of the resistance area and closing prices above the level of 1.3605.
Canadian Dollar Forecast USD/CAD for August 18, 2023 suggests an attempt to test the support level near the 1.3495 area. Where should we expect the currency pair to continue to grow with a potential target near the level of 1.3695. Cancellation of the option to lift the pair will be a breakdown of the area of 1.3295. This will indicate a continued fall in the US Dollar against the Canadian Dollar with a target below 1.2945.
