Technical analysis

USDCAD Wave Analysis – 19 April 2023

• USDCAD reversed from powerful support level 1.3300

• Likely to rise to resistance level 1.3500

USDCAD recently reversed up from the powerful support level 1.3300 (which has been reversing the price from the middle of November) coinciding with the lower daily Bollinger Band and the 50% Fibonacci retracement of the previous upward impulse from August.

The upward reversal from the support level 1.3300 stopped the previous minor correction ABC 2.

USDCAD can then be expected to rise further toward the next resistance level 1.3500 (top of the earlier correction (b) from the start of April).

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