Categories: Technical analysis

USDCAD Wave Analysis – 24 February 2025

– USDCAD reversed from the support area

– Likely to rise to resistance level 1.4380

USDCAD currency pair recently reversed from the support area between the pivotal support level 1.4180 (former monthly high from November), 61.8% Fibonacci retracement of the upward impulse from November and the lower daily Bollinger Band.

The upward reversal from this support area stopped the A-wave of the active ABC correction (2) from the end of January.

Given the clear daily uptrend and the oversold daily Stochastic, USDCAD currency pair can be expected to rise to the next resistance level 1.4380.

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The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: USDCAD

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