Technical analysis

USDCAD Wave Analysis – 12 July, 2022

USDCAD Wave Analysis – 12 July, 2022

• USDCAD reversed from resistance level 1.3055

• Likely to fall to support level 1.2950

USDCAD currency pair recently reversed down from the pivotal resistance level 1.3055 (which has been repeatedly reversing the pair from the start of May, as can be seen below).

The resistance area near the resistance level 1.3055 was strengthened by the upper daily Bollinger Band.

Given the strength of the resistance level 1.3055, USDCAD can be expected to fall further toward the next support level 1.2950.

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