USDCAD Wave Analysis – 6 July, 2022

• USDCAD reversed from resistance level 1.3075
• Likely to fall to support level 1.2965

USDCAD recently reversed down from the key resistance level 1.3075 (the previous monthly high from May and June).

The resistance area near the resistance level 1.3075 was strengthened by the upper daily Bollinger Band.

Given the bearish divergence on the daily Stochastic indicator, USDCAD can be expected to fall further toward the next support level 1.2965 (former top of wave (b) from the end of last month).