Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3552 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 23, 2023, a correction of the currency pair and a test of the upper border of the Ichimoku Kinko Hyo indicator cloud near the level of 1.3485 are expected. Where should we expect an attempt to rebound upwards and continue the growth of the USD/CAD pair with a potential target at the level of 1.3745.
Canadian Dollar Forecast USD/CAD for August 23, 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 1.3375. 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. It is worth expecting an acceleration in the growth of USD/CAD quotes with a breakdown of the resistance area and closing prices above the level of 1.3645, which will indicate a breakdown of the upper limit of the bullish channel, and this is a signal to increase the width of the channel.
Canadian Dollar Forecast USD/CAD for August 23, 2023 suggests an attempt to test the support level near the 1.3485 area. Where should we expect the continuation of the growth of the currency pair with a potential target near the level of 1.3745. Cancellation of the option to lift the pair will be a breakdown of the area of 1.3375. This will indicate a continued fall in the US Dollar against the Canadian Dollar with a target below 1.2925.
