Market Snapshots

USDCAD Wave Analysis – 11 February, 2020

USDCAD Wave Analysis – 11 February, 2020
  • USDCAD reversed from resistance area
  • Likely to fall to support level 1.3250

USDCAD recently reversed down from the resistance area lying between the key resistance level 1.3320 (which has been reversing the price from October), upper daily Bollinger Band and the 61,8% Fibonacci correction of the previous downward impulse from May.

The downward reversal from this resistance area stopped the earlier short-term ABC correction (ii) from December.

USDCAD is likely to fall further toward the next support level 1.3250 (former resistance from December).

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