Technical analysis

USDCAD Wave Analysis 26 April, 2021

• USDCAD broke key support level 1.2480

• Likely to fall to support level 1.235

USDCAD continues to fall after the price broke the key support level 1.2480 (which reversed the pair each of the last 5 trading sessions).

The breakout of the support level 1.2480 accelerated the active minor corrective wave (ii) from the middle of April.

Given the strong multi-month downtrend – USDCAD currency pair is likely to fall further toward the next pivotal  support level 1.235 (monthly low from March and the target for the completion of the active wave (ii)).

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