Technical analysis

USDCAD Wave Analysis 16 August 2023

– USDCAD broke resistance level 1.3470

– Likely to rise to resistance level 1.3635

USDCAD currency pair recently broke the key resistance level 1.3470 (which stopped the previous impulse wave 3 at the start of August).

The breakout of the resistance level 1.3470 coincided with the breakout of the 50% Fibonacci correction of the previous ABC correction (B) from the start of March.

Given the strength of the active impulse wave 5, USDCAD can be expected to rise further toward the next resistance level 1.3635 (which stopped the previous waves B and ii).

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