Technical analysis

USDCAD Wave Analysis 25 November, 2020

USDCAD Wave Analysis 25 November, 2020

• USDCAD reversed from key support level 1.3000

• Likely to rise to 1.3165

USDCAD previously reversed up from the key support level 1.3000, which has been reversing this currency pair from the end of August (as can be seen below).

The last time the pair reversed up from the support level 1.3000 it formed the daily Japanese candlestick reversal pattern Hammer.

USDCAD is likely to rise further toward the next resistance level 1.3165 (top of the previous Evening Star which marked the end of the earlier correction 2).

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