Technical analysis

USDCAD Wave Analysis 15 January, 2021

USDCAD Wave Analysis 15 January, 2021

• USDCAD reversed from pivotal support 1.2635

• Likely to rise to 1.2830

USDCAD recently rose sharply from the pivotal support 1.2635 (which stopped the previous minor impulse wave (i) in the middle of December), intersecting with the lower daily Bollinger Band.

The upward reversal from the support 1.2635 will most likely create the daily Japanese candlesticks reversal pattern Bullish Engulfing.

USDCAD is expected to rise further toward the next resistance level 1.2830 (top of the candlesticks reversal pattern Dark Cloud Cover from the start of January).

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