USDCAD Wave Analysis – 6 February 2025

– USDCAD reversed from the support zone

– Likely to rise to resistance level 1.4400

USDCAD currency pair recently reversed from the support zone between the pivotal support level 1.4290, which has stopped the previous corrections A, C , as can be seen below and the lower daily Bollinger Band.

The upward reversal from this support zone created the daily Japanese candlestick reversal pattern Doji, which stands near the 50% Fibonacci correction of the previous upward impulse from November.

Given the clear daily uptrend, USDCAD currency pair can be expected to rise to the next resistance level 1.4400.