Technical analysis

USDCAD Wave Analysis 6 May, 2021

• USDCAD falling inside impulse wave (iii)

• Likely to fall to support level 1.2100

USDCAD recently reversed down from the minor resistance level 1.6965 (former monthly low from the middle of March).

The downward reversal from the resistance level 1.6965 created the daily Japanese candlesticks reversal pattern Shooting Star.

USDCAD is likely to fall further toward the next support level 1.2100 (target price for the completion of the active minor impulse wave (iii)).

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