Currency pair US Dollar Canadian Dollar USD/CAD ends the trading week near the level of 1.3568. Quotes continue to move as part of the development of the correction and the bearish channel. The pair is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend for the US Dollar-Canadian Dollar pair. In the current trading week, an attempt to develop a correction and test the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 1.3515 are expected. Where can we expect a rebound upward and an attempt to continue growth with a target near the level of 1.3795.
USD/CAD Forecast March 4 — 8, 2024
An additional signal in favor of growth in the USD/CAD currency pair will be a test of the support area on the pair’s chart. The second signal in favor of growth will be a rebound from the lower border of the bullish channel. 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 increase the pair’s quotes in the current trading week will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with closing quotes below the 1.3325 area. This will indicate a change in the sideways trend in favor of a bearish trend and the continuation of the fall of the pair on Forex. Expect an acceleration in the growth of USD/CAD quotes with a breakdown of the resistance area and closing of the price above the level of 1.3695, which will indicate a breakdown of the upper boundary of the downward channel.
USD/CAD Forecast March 4 — 8, 2024 suggests an attempt to develop a correction to the level of 1.3515. Where can we expect a rebound and continued growth of the pair with a potential target near the level of 1.3795. A rebound from the upper boundary of the downward channel on the chart of the USD/CAD pair will also favor the rise. Cancellation of the growth option for the currency pair will be a fall and a breakdown of the 1.3325 area. In this case, we should expect the asset price to continue to fall with a potential target below the 1.3015 area.
