Categories: Technical analysis

USDCAD broke key resistance level 1.3390

  • USDCAD broke key resistance level 1.3390
  • Further gains are likely

USDCAD today broke through the strong resistance level 1.3390 (which stopped the previous medium-term impulse wave (5) and the sharp daily uptrend in June – as can be seen from the daily chart below).

The breakout of the resistance level 1.3390 should accelerate the active medium–term impulse wave (3) – which belongs to the longer-term upward impulse sequence from the end of September.

USDCAD is expected to rise further and re-test the next resistance level 1.3500 (target price for the completion of the active impulse wave (3)).

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The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: USDCAD

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