Technical analysis

USDCAD Wave Analysis – 13 April 2023

• USDCAD reversed from key resistance level

• Likely to fall to support level 1.3295

USDCAD currency pair continues to fall after the earlier downward reversal from the key resistance level 1.3555 (former support from the start of March).

The resistance level 1.3555 was further strengthened by the recently broken trendline from 2022, acting as the resistance after it was broken.

Given the strongly bearish USD sentiment seen today, USDCAD can then be expected to fall further toward the next support level 1.3295 (which stopped wave (a) in February).

Article Rating
Rate this post