Technical analysis

USDCAD Wave Analysis 5 July 2024

– USDCAD reversed from powerful support level 1.3620

– Likely to rise to resistance level 1.3700

USDCAD currency pair just reversed up from the powerful support level 1.3620 (which has been steadily reversing the pair from the start of May).

The support level 1.2630 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the previous sharp upward impulse from January.

Given the clear daily uptrend, USDCAD currency pair can be expected to rise to the resistance level 1.3700.

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