FX.co ★ Dynaa | USD/CAD

USDCAD Price Forecast: We'll talk about the current behavior analysis of the USD/CAD exchange rate. I predict that the price of this trading instrument will drop in my brief Monday forecast. On the hourly time frame, every indicator points to a decrease. The price may move lower if it stays below the trend. On the one-hour chart, the price is currently below the 1.39860 mark. I anticipate that this currency pair will drop to 1.38770 on Monday. I'll be keeping an eye out for the development of a trading setup around this resistance level, which will assist in defining the trade's future course. Although I recognize that the price may be driven farther north to the resistance level around 1.42680, this will rely on how the news landscape changes as the price moves. Another possibility is that the price consolidates below the support level at 1.38370 and keeps moving southward. In the event that this scenario materializes, I will search for bullish signs close to the 1.36700 support level in anticipation of a restart of the upward price trend. However, I anticipate a further price drop to the next support level if the price is able to break through the 1.38796 level and hold below it. After a slight decline in the north on Friday, the price of USD/CAD continued to decline. A bearish candle developed, which might consolidate below the 1.39900 support line. In this situation, the price will probably keep declining. I'll keep a careful eye on the 1.38380 support level. Two situations could occur close to this support level: the emergence of a reversal candle and the continuation of the price's downward trend. I'll wait for the price to reach the resistance level at 1.39860 if the first scenario comes to pass.