Categories: Technical analysis

USDCAD Wave Analysis 4 December, 2020

• USDCAD broke key support level 1.2940

• Likely to fall to 1.2700

USDCAD continues to fall strongly after the pair broke below the key support level 1.2940 (which stopped the previous minor impulse wave 1 in November).

The breakout of the support level 1.2940 accelerated the active short-term impulse wave 3 and the higher level impulse wave (C).

USDCAD is expected to fall further toward the next support level 1.2700 (target price for the completion of the active impulse wave 3).

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.

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Tags: USDCAD

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