Categories: Technical analysis

USDCAD Wave Analysis – 18 August, 2020

• USDCAD broke pivotal support level 1.3200

• Likely to fall to 1.3100

USDCAD today broke below the pivotal support level 1.3200 (former monthly low from, February – was also reversed the price earlier this month)

The breakout of the support level 1.3200 continues the active sharp daily downtrend from the middle of March.

USDCAD is likely to fall further in the active impulse waves C and (v) toward the next support level 1.3100.

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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