Currency pair US Dollar Canadian Dollar USD/CAD ends the trading week near the level of 1.34444. Quotes continue to move as part of the development of the correction and the bearish channel. The pair is trading inside the Ichimoku Kinko Hyo Cloud. This indicates a sideways trend for the US Dollar-Canadian Dollar pair. In the current trading week, an attempt to develop a correction and test the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 1.3485 are expected. Where can we expect a rebound downwards and an attempt to continue the fall with a target near the level of 1.3165.
USD/CAD Forecast March 11 — 15, 2024
An additional signal in favor of a decline in the USD/CAD currency pair will be a test of the resistance area on the pair’s chart. The second signal in favor of growth will be a rebound from the lower boundary of the bullish channel, which was broken down by sellers. Previously, a weak signal was received to buy the US Dollar-Canadian Dollar pair. The signal was formed due to the intersection of signal lines at the level of 1.3385.
Cancellation of the option to reduce the pair’s quotes in the current trading week will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with closing quotes above the 1.3575 area. This will indicate a change in the sideways trend in favor of the bullish trend and continued growth of the pair on Forex. Expect an acceleration in the fall of USD/CAD quotes with a breakdown of the support area and closing of the price below the level of 1.3345, which will indicate a breakdown of the lower boundary of the bullish channel.
USD/CAD Forecast March 11 — 15, 2024 suggests an attempt to develop a correction to the level of 1.3485. Where can we expect a rebound and continued fall of the pair with a potential target near the level of 1.3165. A rebound from the lower boundary of the bullish channel on the chart of the USD/CAD pair will also support the decline. Cancellation of the option for the currency pair to fall will be a strong growth and a breakdown of the 1.3575 area. In this case, we should expect the asset price to continue to rise with a potential target above the 1.3765 area.
