USDCAD Technical Analysis Report 11 April, 2024

Dmitry Chernovolov Market Analyst

Given the clear daily uptrend and the continuation of the bullish USD sentiment, USDJPY currency pair can be expected to rise further toward the next resistance level 1.3700, former resistance from November.

– USDCAD under bullish pressure

– Likely to rise to resistance level 1.3700

USDCAD currency pair under the bullish pressure after it broke the resistance zone located between the key resistance level 1.3625 (which has been reversing the price from December), resistance trendline of the daily up channel from January and the 61.8% Fibonacci correction of the previous downward ABC correction (2) October. The breakout of this resistance zone accelerated the active impulse waves iii and 3 – both of which belong to the intermediate impulse wave (3) from December.

Given the clear daily uptrend and the continuation of the bullish USD sentiment, USDJPY currency pair can be expected to rise further toward the next resistance level 1.3700, former resistance from November.

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