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.

Share
Published by
The FxPro Tech Analysis Team
Tags: USDCAD

Recent Posts

GBPUSD Wave Analysis 14 November 2024

- GBPUSD reversed from strong support level 1.2665 - Likely to rise to resistance level…

13 hours ago

USDCAD Wave Analysis 14 November 2024

- USDCAD broke resistance level 1.3950 - Likely to rise to resistance level 1.4050 USDCAD…

13 hours ago

The dollar has reached range limits

The US dollar has strengthened, reaching the upper boundary of its trading range. The British…

16 hours ago

Crypto: Tug-of-war at new altitude

Cryptocurrencies continued to surge, pushing the total cap to $3 trillion. Bitcoin has gained nearly…

16 hours ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

1 day ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

1 day ago

This website uses cookies