Technical analysis

USDCAD Wave Analysis – 6 April, 2022

USDCAD Wave Analysis – 6 April, 2022

• USDCAD under bullish pressure
• Likely to rise to resistance level 929.00

USDCAD currency pair under bullish pressure after the price reversed up from the strong support level 1.2450 (previous monthly low from January) – ending the earlier correction (2).

The support zone near the support level 1.2450 was strengthened by the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from last June.

USDCAD can be expected to rise further toward the next resistance level 1.260 (the former low of wave (b) from March).

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