Technical analysis

USDCAD Wave Analysis 22 May 2024

– USDCAD reversed from pivotal support level 1.3585

– Likely to rise to resistance level 1.3750

USDCAD currency pair recently reversed up from the pivotal support level 1.3585 (former strong resistance from December, February and March) intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from December.

The upward reversal from the support level 1.3585 stopped the previous minor ABC correction 2.

Given the strength of the support level 1.3585, USDCAD currency pair can be expected to rise further to the next resistance level 1.3750.

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