Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3542 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 20, 2024, a correction of the currency pair and a test of the signal line area of the Ichimoku Kinko Hyo indicator near the level of 1.3505 are expected. Where can we expect an attempt to rebound upward and continue to grow in the USD/CAD pair with a potential target at 1.3655.
Canadian Dollar Forecast USD/CAD for March 20, 2024
An additional signal in favor of a rise in 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 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 to raise quotes for the USD/CAD currency pair will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the level of 1.3445. This scenario will indicate a change in the bullish trend in favor of a bearish trend and a 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 of prices above the level of 1.3625, which will indicate a breakdown of the upper boundary of the downward channel.
Canadian Dollar Forecast USD/CAD for March 20, 2024 suggests an attempt to test the support level near the 1.3505 area. Where can we expect continued growth of the currency pair with a potential target near the level of 1.3655. Cancellation of the option to raise the pair will be a breakdown of the area 1.3445. This will indicate a continued decline in the US Dollar against the Canadian Dollar with a target below 1.3305.
