USDCAD Wave Analysis – 9 July, 2019

• USDCAD reversed from support area
• Further gains are likely

USDCAD recently reversed up from the support area lying between the multi-month support level 1.3050 (which has been reversing the price from November of 2018) and the lower daily Bollinger Band.

The upward reversal from this support area started the active medium-term impulse wave (1).

USDCAD is expected to rise further and retest the next resistance level 1.3200 (which previously reversed the pair in June).