USDCAD Wave Analysis – 05 August, 2020

• USDCAD broke strong support level 1.3320

• Likely to fall to 1.3200

USDCAD recently broke below the strong support level 1.3320 (former monthly low from June, former powerful multi-month resistance level from August to the end of 2019).

The breakout of the support level 1.3320 should accelerate the active medium-term impulse wave C of the ABC correction (2) from March.

USDCAD is likely to fall further toward the next support level 1.3200 (monthly low from February and the target for the completion of the active wave (ii)).