Categories: Technical analysis

USDCAD Wave Analysis 9 October 2024

– USDCAD broke the resistance zone

– Likely to rise to resistance level 1.3750

USDCAD currency pair recently broke the resistance zone located between the key resistance level 1.3635 (former monthly high from September) intersecting with the 38.2% Fibonacci correction of the downward wave C from August.

The breakout of this resistance zone strengthened the bullish pressure on this currency pair – accelerating the active impulse wave 3.

Given the strongly bullish US dollar sentiment seen today, USDCAD currency pair be expected to rise further to the next resistance level 1.3750, the target for the completion of the active impulse wave 3.

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.

Share
Published by
The FxPro Tech Analysis Team
Tags: USDCAD

Recent Posts

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

1 day ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

1 day ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

1 day ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

1 day ago

EURGBP Wave Analysis 19 December 2024

- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…

2 days ago

EURJPY Wave Analysis 19 December 2024

- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…

2 days ago

This website uses cookies