USDCAD Wave Analysis – 19 June, 2022

• USDCAD reversed from resistance level 1.3075
• Likely to fall to support level 1.2940

USDCAD currency pair just reversed down from the strong resistance level 1.3075 (former top of the impulse wave 1 from the start of May) – standing well above the upper daily Bollinger Band.

The downward reversal from the resistance level 1.3075 stopped the previous impulse waves 3 and (3).

Given the strength of the resistance level 1.3075 and the overbought daily Stochastic, USDCAD currency pair can be expected to fall further toward the next support level 1.2940.