Currency pair US Dollar Canadian Dollar USD/CAD completes the trading week near the level of 1.3510. Quotes continue to move within the growth and bullish channel. The pair is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates a sideways trend in the US Dollar/Canadian Dollar pair. In the current trading week, an attempt is expected to develop a correction and test the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 1.3435. Where should we expect a rebound upwards and an attempt to continue the growth with the target near the level of 1.3865.
USD/CAD Forecast September 4 — 8, 2023
An additional signal in favor of the rise of 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 upper border of the bearish channel, which was broken upwards by buyers. Earlier, a weak signal was received for buying the US Dollar/Canadian Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 1.3235.
Cancellation of the growth option for the pair’s quotes in the current trading week will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the 1.3195 area. This will indicate a change in the bullish trend in favor of the bearish trend and the continued 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 1.3685, which will indicate a breakdown of the upper border of the bearish channel.
USD/CAD Forecast September 4 — 8, 2023 suggests an attempt to develop a correction to the level of 1.3435. Where should we expect a rebound and continued growth of the pair with a potential target near the level of 1.3865. In favor of the rise, there will also be a rebound from the upper border of the descending channel on the chart of the USD/CAD pair. Cancellation of the option of raising the currency pair will be a fall and a breakdown of the area of 1.3195. In this case, we should expect a continued decline in the price of the asset with a potential target below the area of 1.2965.
