USDCAD Wave Analysis – 4 May, 2022

• USDCAD reversed from key resistance level 1.2890
• Likely to fall to support level 1.2750

USDCAD recently reversed down strongly from the key resistance level 1.2890 (which has been reversing the price from last August), standing near the upper daily Bollinger Band.

The downward reversal from resistance level 1.2890 stopped the previous short-term impulse wave 3 of the impulse wave (3) from April.

Given the strength of the aforementioned resistance level 1.2890 , overbought daily Stochastic – USDCAD can be expected to fall further toward the next support level 1.2750