USDCAD Wave Analysis 11 July 2024

– USDCAD reversed from key support level 1.3600

– Likely to rise to resistance level 1.3700

USDCAD currency pair recently reversed up from the key support level 1.3600, which has been steadily reversing the price from the start of May.

The support level 1.3600 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction level of the previous upward impulse from January.

Given the predominant daily uptrend, oversold daily Stochastic and the rising bullish USD sentiment, USDCAD currency pair can be expected to rise further to the next resistance level 1.3700.