Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.3536 and continues to move within the fall and has left the bullish channel. The pair is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for the US Dollar-Canadian Dollar pair. As part of the USD/CAD Forex forecast for tomorrow, September 15, 2023, a correction of the currency pair and a test of the signal line area of the Ichimoku Kinko Hyo indicator near the level of 1.3595 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 1.3385.
Canadian Dollar Forecast USD/CAD for September 15, 2023
An additional signal in favor of a fall 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 sales of the US Dollar and Canadian Dollar. The signal was formed due to the intersection of signal lines at the level of 1.3635.
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 1.3685. 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 1.3475.
Canadian Dollar Forecast USD/CAD for September 15, 2023 suggests an attempt to test the support level near the 1.3570 area. Where can we expect continued growth of the currency pair with a potential target near the level of 1.3775. Cancellation of the option to raise the pair will be a breakdown of the 1.3535 area. This will indicate a continued decline in the US Dollar against the Canadian Dollar with a target below 1.3265.
