Technical analysis

USDCAD Wave Analysis – 15 July, 2022

USDCAD Wave Analysis – 15 July, 2022

• USDCAD reversed from resistance level 1.3200

• Likely to fall to support level 1.3000

USDCAD currency pair recently reversed down from the key resistance level 1.3200, standing far above the upper Bollinger Band.

The downward reversal from the resistance level 1.3200 started the active minor correction (iv) – which belongs to wave 3 from the start of June.

Given the strongly bullish CAD sentiment seen today, USDCAD can be expected to fall further toward the next round support level 1.3000.

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