Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3490 and continues to move as part of the development of a correction and a bearish channel. The pair is trading below the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bullish trend for the US Dollar-Canadian Dollar pair. As part of the USD/CAD Forex forecast for tomorrow, March 15, 2024, a correction of the currency pair and a test of the lower boundary of the Ichimoku Kinko Hyo indicator Cloud near the level of 1.3515 are expected. Where can we expect an attempt to rebound downwards and continue the fall of the USD/CAD pair with a potential target at the level of 1.3365.
Canadian Dollar Forecast USD/CAD for March 15, 2024
An additional signal in favor of a decline in the USD/CAD pair will be a rebound from the resistance area on the pair’s chart. The second signal will be a rebound from the upper border of the bearish channel. Previously, a weak signal was received for purchases of the US Dollar and Canadian Dollar. The signal was formed due to the intersection of signal lines at the level of 1.3505.
Cancellation of the option of falling quotes for the USD/CAD currency pair will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with closing quotes above the level of 1.3535. This scenario will indicate a change in the bearish trend in favor of a bullish trend and continued growth of the currency pair. Expect an acceleration in the fall of USD/CAD quotes with a breakdown of the support area and closing prices below the level of 1.3445.
Canadian Dollar Forecast USD/CAD for March 15, 2024 suggests an attempt to test the resistance level near the 1.3515 area. Where can we expect the currency pair to continue to fall with a potential target near the level of 1.3365. Cancellation of the option to reduce the pair will be a breakdown of the 1.3535 area. This will indicate continued growth of the US Dollar against the Canadian Dollar with a target above the level of 1.3775.
