USDCAD Wave Analysis – 22 May, 2020

• USDCAD reversed from support area

• Likely to rise to 1.4165

USDCAD recently reversed up from the support area lying between the pivotal support level 1.3870 (which stopped the two previous waves (a) and (c)) and lower daily Bollinger Band.

The upward reversal from this support area started the (c)-wave of the medium-term B-wave from the end of April.

USDCAD is likely to rise further toward the next resistance level 1.4165 (which stopped the previous wave (a) at the start of May).