Technical analysis

USDCAD Wave Analysis 12 April 2024

– USDCAD broke key resistance level 1.3625

– Likely to rise to resistance level 1.3860

USDCAD rising strongly after the earlier breakout of the key resistance level 1.3625 (which has been reversing the price from December) intersecting with the 61.8% Fibonacci correction of the downward ABC correction (2) from November.

The breakout of the resistance level 1.3625 coincided with the breakout of the daily up channel from January.

USDCAD can be expected to rise further to the next resistance level 1.3860 (former multi-month high from October, and the target for the completion of the active impulse iii).

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