Categories: Technical analysis

USDCAD Wave Analysis 02 November, 2020

• USDCAD reversed from resistance zone

• Likely to fall to 1.3200

USDCAD continues to fall after the earlier downward reversal from the resistance zone lying between the resistance levels 1.3400, 1.3345, upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse C from June.

The downward reversal from this resistance zone stopped the earlier upward impulse waves 3 and (3).

USDCAD is likely to fall further toward the next support level 1.3200 (former resistance from the middle of October).

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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Tags: USDCAD

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