USDCAD Wave Analysis 22 August 2024

– USDCAD reversed from key support level 1.3590

– Likely to rise to resistance level 1.3650

USDCAD currency pair recently reversed up from the key support level 1.3590 (former resistance from February and March, which has been reversing the price from the middle of May) coinciding with the lower daily Bollinger Band.

The support level 1.3590 was strengthened by the 50% Fibonacci correction of the previous sharp upward impulse (1) from December.

Given the clear daily uptrend and the oversold daily Stochastic, USDCAD currency pair can be expected to rise to the next resistance level 1.3650.