Technical analysis

USDCAD Wave Analysis 19 June 2024

– USDCAD reversed from pivotal resistance level 1.3760

– Likely to fall to support level 1.3675

USDCAD currency pair under the bearish pressure after the price reversed down 3 times in a row from the pivotal resistance level 1.3760 (which has been reversing the price from the end of April).

Each of the last 3 downward reversals form the resistance level 1.3760 created the daily Japanese candlesticks reversal patterns Hammer.

Given the strength of the resistance level 1.3760, USDCAD currency pair can be expected to fall further to the next support level 1.3675.

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