USDCAD Wave Analysis

  • USDCAD under bullish pressure
  • Likely to rise to resistance level 929.00

USDCAD currency pair under bullish pressure after the price reversed up from the strong support level 1.2450 (previous monthly low from January) – ending the earlier correction (2).

The support zone near the support level 1.2450 was strengthened by the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from last June.

USDCAD can be expected to rise further toward the next resistance level 1.260 (the former low of wave (b) from March).

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading