Technical analysis

USDCAD Wave Analysis 6 June 2024

– USDCAD reversed from resistance level 1.3740

– Likely to fall to support level 1.3600

USDCAD currency pair recently reversed down from the key resistance level 1.3740 (upper boundary of the narrow sideways price range inside which the pair has been moving from the start of May).

The resistance level 1.3740 was strengthened by the upper daily Bollinger Band – which created the daily Shooting Star.

Given the strength of the resistance level 1.3740, USDCAD currency pair be expected to fall further to the next support level 1.3600, lower boundary of this sideways price range.

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