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).