Technical analysis

USDCAD Wave Analysis 15 February 2024

– USDCAD reversed from resistance level 1.3530

– Likely to fall to support level 1.3400

USDCAD currency pair recently reversed down from the key resistance level 1.3530 (which has been reversing the price from the middle of January), intersecting with the upper daily Bollinger Band and the 50% Fibonacci correction of the downward ABC correction (2) from the start of November.

The downward reversal from the resistance level 1.3530 stopped the previous impulse waves 3 and (3).

Given the strength of the resistance level 1.3530, USDCAD currency pair can be expected to fall further to the next support level 1.3400.

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