Technical analysis

USDCAD Wave Analysis 26 October 2023

– USDCAD broke key resistance level 1.3790

– Likely to rise to resistance level 1.3950

USDCAD previously broke above the key resistance level 1.3790 (which has been steadily reversing the pair from last October).

The breakout of the resistance level 1.3790 accelerated the active minor ABC correction 2 from the middle of July.

Given the continued USD bullishness, USDCAD can be expected to rise further toward the next resistance level 1.3950 (which stopped the daily uptrend in 2022, top of the active daily up channel).

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