Technical analysis

USDCAD Wave Analysis – 10 May 2023

• USDCAD reversed from support level 1.3310

• Likely to rise to resistance level 1.3500

USDCAD recently reversed up from the key support level 1.3310 (which has been steadily reversing the price from November).

The support level 1.3310 was further strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from August.

Given the bullish divergence on the daily Stochastic, USDCAD can be expected to rise further toward the next resistance level 1.3500.

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