USDCAD Wave Analysis 30 December 2024

– USDCAD reversed from resistance zone

– Likely to fall to support level 1.4400

USDCAD currency pair recently reversed down from the resistance zone surrounding the major long-term resistance level 1.4400 (which stopped the sharp uptrend at the start of 2020) intersecting with the upper weekly Bollinger Band.

The downward reversal from the resistance level 1.4400 stopped the previous medium-term impulse wave (5).

Given the strength of the support level 1.4400 and the overbought reading on the weekly Stochastic indicator, USDCAD currency pair can be expected to fall to the next support level 1.4315.