Categories: Technical analysis

USDCAD Wave Analysis 3 January 2024

– USDCAD reversed from key support level 1.3200

– Likely to rise to resistance level 1.3400

USDCAD currency pair recently reversed up from the key support level 1.3200 (which reversed the price multiples times in the middle of 2023, as can be seen below).

The support level 1.3200 was further strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from 2021.

Given the strongly bullish dollar sentiment seen today, USDCAD can be expected to rise further to the next resistance level 1.3400 (former low of wave B from last year).

AddThis Website Tools
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.

Share
Published by
The FxPro Tech Analysis Team
Tags: USDCAD

Recent Posts

Video: Dollar and Indices are trying to find footing after the fall

The dollar experienced a sell-off but rallied back up by the end of the week.…

4 hours ago

What is next: BoJ, Fed, SNB & BoE Rates

The new week will be packed with economic data and decisions from key central banks.…

7 hours ago

Dollar attempts to rebound after oversold conditions

Despite economic factors working against the dollar, its oversold condition helped it this week or…

8 hours ago

USDCAD Wave Analysis – 14 March 2025

USDCAD: ⬇️ Sell - USDCAD reversed from key resistance level 1.4500 - Likely to fall…

9 hours ago

Solana Wave Analysis – 14 March 2025

Solana: ⬆️ Buy - Solana reversed from the long-term support level 113.75 - Likely to…

9 hours ago

Adobe Wave Analysis – 13 March 2025

Adobe: ⬇️ Sell - Adobe broke round support level 400.00 - Likely to fall to…

24 hours ago