Technical analysis

USDCAD Wave Analysis – 22 May, 2019

USDCAD Wave Analysis – 22 May, 2019
  • USDCAD reversed from support area
  • Further gains are likely

USDCAD today reversed up with the daily Hammer from the support area lying between the key support level 1.3390 (which has been reversing the price from the start of May) and the lower daily Bollinger Band.

This support area was further strengthened by the support trendline of the daily up channel from February and by the 38.2% Fibonacci correction of the upward impulse form February.

USDCAD is expected to rise further and retest the next resistance level 1.3520 (top of the previous waves (i) and (b)).

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