Technical analysis

USDCAD Wave Analysis 9 October 2023

– USDCAD reversed from resistance level 1.3800

– Likely to fall to support level 1.3555

USDCAD currency pair recently reversed down from the resistance level 1.3800 (which has been reversing the price from October of 2022), coinciding with the upper daily Bollinger Band and the resistance trendline of the daily up channel from July.

The downward reversal from the resistance level 1.3800 stopped the c-wave of the earlier intermediate ABC correction (3) from the start of July.

Given the strength of the resistance level 1.3800 and the still overbought daily Stochastic, USDCAD can be expected to fall further toward the next support level 1.3555.

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