USDCAD Wave Analysis 5 December 2024

– USDCAD reversed from pivotal resistance level 1.4080

– Likely to fall to support level 1.3990

USDCAD currency pair today reversed down from the pivotal resistance level 1.4080 (which has been reversing the pair from the start of November) standing near the upper daily Bollinger Band.

The latest downward reversal from resistance level 1.4080 is the 5^th consecutive failed attempt to break above this level – which signals its strength.

USDCAD currency pair can be expected to fall toward the next support level 1.3990 (low of the previous minor correction from the end of last month).