Categories: Technical analysis

USDCAD Wave Analysis 9 October, 2020

• USDCAD falling inside impulse wave C

• Likely to reach 1.3100

USDCAD continues to fall inside the short-term impulse wave C of the intermediate ABC correction (2) from the end of September.

The active impulse wave C started earlier from the lower trendline of the recently broken up channel from September, which is acting as resistance after it was broken.

USDCAD is likely to fall further toward the next support level 1.3100 (target price for the completion of the active ABC correction (2)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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