Categories: Technical analysis

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 5th 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).

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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