Technical analysis

USDCAD Wave Analysis 20 April, 2021

• USDCAD reversed from support level 1.2475

• Likely to rise to resistance level 1.2600

USDCAD recently reversed up from the pivotal support level 1.2475 (which has been reversing the price for the last few trading sessions) – strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 1.2475 created the daily Hammer – stopping the previous wave (ii).

USDCAD is likely to rise further toward the next resistance level 1.2600 (which has been reversing the price from start of April).

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