USDCAD Wave Analysis – 14 July 2023

– USDCAD reversed from support level 1.3120

– Likely to rise to resistance level 1.3300

USDCAD currency pair recently reversed up strongly from the support level 1.3120 (previous monthly low from July), intersecting with the daily down channel from March and the lower daily Bollinger Band.

The upward reversal from the support level 1.3120 will most likely form the daily Bullish Engulfing – strong buy signal for this currency pair.

Given the bullish divergence on the daily Stochastic indicator, USDCAD currency pair can be expected to rise further toward the next resistance level 1.3300.