USDCAD Wave Analysis 25 July 2024

– USDCAD reversed from long-term resistance level 1.3850

– Likely to fall to support level 1.3760

USDCAD currency pair is under bearish pressure after previously reversing from the long-term resistance level 1.3850 (which has been repeatedly reversing the price from the end of 2022, as can be seen below).

The resistance level 1.3850 was strengthened by the nearby upper daily and the weekly Bollinger Bands.

Given the strength of the resistance level 1.3850 and the clear bearish divergence on the weekly Stochastic indicator, USDCAD currency pair can be expected to fall further to the next support level 1.3760.