Market Snapshots

USDCAD Wave Analysis – 09 Janaury, 2019

USDCAD Wave Analysis – 09 Janaury, 2019
  • USDCAD falling inside weekly wave (2)
  • Further losses are likely

USDCAD continues to fall inside the medium-term corrective wave (2) – which started earlier from the resistance area lying between the key resistance level 1.3700 (strong resistance from 2017), upper weekly Bollinger Band and the resistance trendline of the weekly up channel from the start of 2018.

The downward reversal from this resistance created the weekly Japanese candlesticks reversal pattern Evening Star.

USDCAD is expected to fall further and re-test the next support level 1.3160 (target price for the completion of the active correction (2))).

Source: FxPro

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