Technical analysis

USDCAD Wave Analysis – 12 May 2023


• USDCAD broke resistance level 1.3500

• Likely to rise to resistance level 1.3625

USDCAD currency pair under the bullish pressure after the earlier breakout of the resistance level 1.3500 intersecting with the 38.2 Fibonacci correction of the previous downward impulse from March.

The breakout of the resistance level 1.3500 accelerated the active short-term upward impulse wave (iii).

Given the strongly bullish USD sentiment, USDCAD can be expected to rise toward the next resistance level 1.3625.

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