The 24 year old has linked-up with the League One outfit until January 2 and could make his debut for the Sky Blues at Crewe tomorrow.
McGoldrick joined Forest from Southampton in 2009 but has found first team opportunities hard to come by in his three seasons at The City Ground.
He has made just 35 league and cup starts for The Reds and had a spell on loan in League One with Sheffield Wednesday last season.