Technical analysis

USDCAD Wave Analysis 19 May, 2021

• USDCAD reversed from support level 1.2050

• Likely to rise to resistance level 1.2200

USDCAD currency pair recently reversed up from the support level 1.2050 (which stopped the previous minor impulse wave 1 from the start of May).

The upward reversal from the support level 1.2050 stopped the previous impulse waves 3 and (5).

Given the bullish divergence on the daily Stochastic indicator – USDCAD is likely to rise toward the next resistance level 1.2200 (top of the previous minor correction 2).

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