USD/CAD forecast

After the Canadian dollar strengthened in the previous day’s trading, the USD/CAD rebounded from range support. CAD rose after the Bank of Canada officials voted to maintain the benchmark interest rate at 0.25%. This pushed down the USD/CAD to the same range of support that had been used for a month; buyers reappeared, pushing up prices. Greater prospects-Due to the previous short-term trend (which appeared after the March high), the USD/CAD still shows a potential bearish trend. Although descending triangles are usually a continuous pattern, it is not uncommon to see descending triangles near the top of the market.

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