USDCAD Wave Analysis – 9 July, 2020

• USDCAD reversed from support level 1.3490

• Likely to reach 1.3625

USDCAD recently reversed up from the support level 1.3490 (low of the previous correction (b)) – standing near the lower daily Bollinger band and the 50% Fibonacci correction of wave B.

The upward reversal from the support level 1.3490 stopped the earlier short-term impulse wave (iii).

USDCAD is likely to rise further toward the next resistance level 1.3625 (top of the previous minor correction (ii) from the start of July).