Technical analysis

USDCAD Wave Analysis 7 February 2024

– USDCAD reversed from resistance level 1.3530

– Likely to fall to support level 1.3365

USDCAD currency pair recently reversed down from the resistance level 1.3530, which stopped waves 1 and (b) in the middle of January.

The resistance level 1.3530 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of downward ABC correction (2) from October.

Given the strength of the resistance level 1.3530, USDCAD can be expected to fall further to the next support level 1.3365, low of the previous correction 2.

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