USDCAD Wave Analysis 30 October 2024

– USDCAD reversed from strong resistance level 1.3940

– Likely to fall to support level 1.3875

USDCAD currency pair today reversed down from the strong resistance level 1.3940 (which stopped the previous intermediate impulse wave (1) at the start of August).

The downward reversal from the resistance level 1.3940 stopped the earlier impulse waves 3 and (3).

Given the strength of the resistance level 1.3940 and the strongly overbought daily Stochastic indicator, USDCAD currency pair be expected to fall further toward the next support level 1.3875.