USDCAD Wave Analysis August 25, 2023

– USDCAD reverses from support at 1.3500

– Likely to rise to resistance level 1.3650

USDCAD recently bounced back from the support level 1.3500 (former resistance that stopped the previous impulse wave (i) at the start of August).

The pair had previously broken the daily descending channel from March, which accelerated the active short-term impulse wave 3 of the intermediate impulse wave (C) from July.

Given the strong gains in the USD, USDCAD is expected to continue rising towards the next resistance level of 1.3650 (which reversed the previous waves B and ii, the target for the completion of the active impulse wave 3).