Given the strength of the resistance level 1.4100, USDCAD currency pair be expected to fall in the active impulse wave (iii) to the next round support level 1.4000, which stopped the previous minor impulse wave 1.
- USDCAD reversed from resistance zone
- Likely to fall to support level 1.4000
USDCAD currency pair recently reversed from the resistance zone between the key resistance level 1.4100 (which has been reversing the price from April, as can be seen from the daily USDCAD chart below), upper daily Bollinger band and the 50% Fibonacci correction of the sharp downward impulse from January. The downward reversal from this resistance zone started the active short-term impulse wave iii, which belongs to the intermediate impulse wave (1) from the start of November.
Given the strength of the resistance level 1.4100, USDCAD currency pair be expected to fall in the active impulse wave (iii) to the next round support level 1.4000, which stopped the previous minor impulse wave 1.
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