USDCAD Wave Analysis – 19 May, 2020

• USDCAD broke support level 1.3915

• Likely to fall to 1.3835

USDCAD today broke the key support level 1.3915 (low of the previous Bullish Engulfing from the start of May), – which follows the breakout of the 38.2% Fibonacci correction of the previous upward impulse (1) from December.

The breakout of the support level 1.3915 continues the active short-term impulse wave (iii)- which belongs to wave C of the medium-term ABC correction (2) from March. USDCAD is likely to fall further toward the next support level 1.3835 (which reversed the earlier waves A and (i)).