Technical analysis

USDCAD Wave Analysis 19 December 2023

– USDCAD broke support level 1.3410

– Likely to fall to support level 1.3300

USDCAD currency pair under the bearish pressure after the pair broke the support level 1.3410 (low of wave B of the previous ABC correction (2) from the middle of July).

The breakout of the support level 1.3410 accelerated the active short-term impulse wave 3 of the higher impulse wave (3) from October.

USDCAD can be expected to fall further to the next support level 1.3300 (target price for the completion of the active impulse wave 3).

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