Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3584 and continues to move within the development of growth and a bullish channel. The pair is trading above the upper 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 7, 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 1.3565 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 the level of 1.3705.
Canadian Dollar Forecast USD/CAD for March 7, 2024
An additional signal in favor of growth 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 lower border of the bullish 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 1.3485.
Cancellation of the option to increase quotes for the USD/CAD currency pair will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with closing quotes below the level of 1.3485. 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 prices above the level of 1.3645.
Canadian Dollar Forecast USD/CAD for March 7, 2024 suggests an attempt to test the support level near the 1.3565 area. Where can we expect continued growth of the currency pair with a potential target near the level of 1.3705. Cancellation of the option to raise the pair will be a breakdown of the 1.3485 area. This will indicate a continued decline in the US Dollar against the Canadian Dollar with a target below 1.3365.
