Technical analysis

USDCAD Wave Analysis 2 August 2023

– USDCAD broke resistance level 1.3300

– Likely to rise to resistance level 1.3400

USDCAD currency pair recently broke the resistance level 1.3300 intersecting with the 61.8% Fibonacci correction of the previous downward impulse from May.

The breakout of the resistance level 1.3300 accelerated the active intermediate impulse wave (3).

Given the clear daily uptrend, USDCAD currency pair can be expected to rise further toward the next resistance level 1.3400 (previous monthly high from July and the target for the completion of the active impulse wave (3)).

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