Technical analysis

USDCAD Wave Analysis – 6 July 2023

– USDCAD broke resistance level 1.3300

– Likely to rise to resistance level 1.3400

USDCAD currency pair continues to rise inside the minor impulse wave 1, which recently broke the resistance level 1.3300 (which has been reversing the pair from last week).

The breakout of the resistance level 1.3300 coincided with the breakout of the 38.2% Fibonacci correction of the downward impulse from May.

Given the strongly bullish USD sentiment, USDCAD currency pair can be expected to rise further toward the next resistance level 1.3400 (target price for the completion of the active impulse wave 1).

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