Technical analysis

USDCAD Wave Analysis – 30 March 2023

• USDCAD under bearish pressure

• Likely to fall to support level 1.3400

USDCAD currency pair under the bearish pressure after the price broke the key support level 1.3560 (low of the previous correction (iv)) intersecting with the 50% Fibonacci correction of the sharp upward impulse from February.

The breakout of the support level 1.3560 accelerated the active short-term upward impulse wave (c), which belongs to the ABC correction 2 from the start of this month.

USDCAD currency pair can then be expected to fall further toward the next support level 1.3400 (target price for the completion of the active impulse wave (c)).

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