Technical analysis

USDCAD Wave Analysis – 10 January, 2022

USDCAD Wave Analysis – 10 January, 2022

• USDCAD reversed from support level 1.2615

• Likely to rise to resistance level 1.2800

USDCAD currency pair recently reversed up from the key support level 1.2615 (which has been reversing the price from the start of December), intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse (1) from October.

The upward reversal from the support level 1.2615 stopped the earlier short-term impulse waves C.

Given the rising US dollar bullishness seen today – USDCAD currency pair can be expected to rise further toward the next resistance level 1.2800 (top of the previous wave B).

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