Technical analysis

USDCAD Wave Analysis 30 August 2023

– USDCAD reversed from key resistance level 1.3645

– Likely to fall to support level 1.3500

USDCAD currency pair previously reversed down from the key resistance level 1.3645 (which has been repeatedly reversing the pair from January, as can be seen below).

The downward reversal from the resistance level 1.3645 stopped the previous minor impulse wave 3 of the intermediate impulse wave (C) from the start of August.

Given the strength of the resistance level 1.3645, USDCAD can be expected to fall further toward the next support level 1.3500 (low of the previous correction 2).

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