Categories: Technical analysis

USDCAD Wave Analysis 16 February, 2021

• USDCAD reversed from support level 1.2600

• Likely to reach resistance level 1.2760

USDCAD currency pair recently reversed up from the pivotal support level 1.2600 (which stopped the previous impulse wave 5 with the daily Morning Star in January).

The support zone near the support level 1.2600 was strengthened by the lower daily Bollinger Band.

Given the oversold daily Stochastic – USDCAD is likely to rise further toward the next resistance level 1.2760 (the top of the previous daily Doji).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: USDCAD

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