Technical analysis

USDCAD Wave Analysis 29 January, 2021

USDCAD Wave Analysis 29 January, 2021

• USDCAD reversed from resistance level 1.2835

• Likely to test support level 1.2635

USDCAD today reversed down sharply from the pivotal resistance level 1.2835 (previous monthly high from December).

The resistance level 1.2835 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous downward impulse from December.

Given the predominant downtrend and the bullish Canadian dollar sentiment seen today – USDCAD is expected to fall further toward the next support level 1.2635 (which reversed the price multiple times from the start of January).

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