USDCAD Wave Analysis – 1 November, 2022

• USDCAD reversed from support level 1.3530

• Likely to rise to resistance level 1.3795

USDCAD recently reversed up from the support level 1.3530 (low of wave (iv) from the start of October), intersecting with the lower daily Bollinger band, upper trendline of the daily up channel from April and 38.2% Fibonacci correction of the upward impulse from September.

The upward reversal from the support level 1.3530 started the active short-term correction (b).

Given the clear multi-month uptrend, USDCAD can be expected to rise further toward the next resistance level 1.3795 (target for the completion of the active minor correction (b)).