Technical analysis

USDCAD Wave Analysis – 24 August, 2021

• USDCAD reversed from resistance zone

• Likely to fall to support level 1,2500

USDCAD recently reversed down from the resistance zone located between the resistance levels 1.2885 (monthly high from January), 1,2960 (monthly high from December) and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the pervious short-term impulse wave 1.

Given the prevailing downtrend, USDCAD can be expected to fall further toward the next support level 1,2500 (low of wave (2) and the target for the completion of wave 2).

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