Technical analysis

USDCAD Wave Analysis – 19 September, 2022

USDCAD Wave Analysis – 19 September, 2022

• USDCAD broke key resistance level 1.3200

• Likely to rise to resistance level 1.3400

USDCAD currency pair under the bullish pressure after the price broke above the key resistance level 1.3200 (which has been reversing the pair from July, as can be seen below).

The breakout of the resistance level 1.3200 accelerated the active short-term impulse wave 3, which belongs to the intermediate impulse wave (3) from April.

Given the clear uptrend, strong CAD sales on oil losses, USDCAD can be expected to rise further toward the next resistance level 1.3400 (intersecting with the up channel from April, target for the end of minor wave (iii)).

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