USDCAD Wave Analysis 16 December 2024

– USDCAD reversed from support zone

– Likely to rise to resistance level 1.4300.

USDCAD currency pair recently reversed up pivotal support level 1.4140, former resistance level which reversed the price sharply at the end of November.

The upward reversal from the support level 1.4140 started the active impulse wave 5 of the higher order impulse wave (3) from September.

Given the clear daily uptrend, USDCAD currency pair can be expected to rise further to the next resistance level 1.4300.