USDCAD Wave Analysis 2 November 2023

– USDCAD reversed from major resistance level 1.3860

– Likely to fall to support level 1.3700

USDCAD currency pair recently reversed down from the major resistance level 1.3860 (which has been reversing the pair from October of 2022, as can be seen below).

The resistance level 1.3860 was strengthened by the upper daily Bollinger Band and by the resistance trendline of the daily up channel from July.

Given the strength of the resistance level 1.3860 and the still overbought daily Stochastic, USDCAD can be expected to fall further toward the next support level 1.3700.