Categories: Technical analysis

USDCAD Wave Analysis – 1 June 2023

– USDCAD reversed from resistance level 1.3625

– Likely to fall to support level 1.3400

USDCAD currency pair recently reversed down from the key resistance level 1.3625 (which stopped the previous waves (i) and (b)).

The downward reversal from the resistance level 1.3625 stopped the previous impulse waves (iii), 3 and (3).

USDCAD can be expected to fall further toward the next support level 1.3400 (which stopped the previous minor correction (ii) in the middle of May).

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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