Technical analysis

USDCAD Wave Analysis – 3 April 2023

• USDCAD under the bearish pressure

• Likely to fall to support level 1.3300

USDCAD under the bearish pressure after the price broke the key support level 1.3555 (which has been reversing the price from the middle of 2021, as can be seen below), intersecting with the 50% Fibonacci correction of the upward impulse from the start of February.

The price then broke the long-term support trendline from June – which accelerated the active ABC correction 2.

USDCAD can then be expected to fall further toward the next support level 1.3300 (base of the Morning Star from the middle of February).

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