USDCAD currency pair today reversed down sharply from the powerful resistance zone lying at the intersection of the pivotal resistance level 1.3530, upper daily Bollinger Band and the exact level of the 50% Fibonacci correction of the previous sharp downward ABC correction (2) from November.
- USDCAD reversed from strong resistance zone
• Likely to fall to support level 1.3450
USDCAD currency pair today reversed down sharply from the powerful resistance zone lying at the intersection of the pivotal resistance level 1.3530 (which stopped the previous waves 1 and b in January, as can be seen from the daily USDCAD chart below), upper daily Bollinger Band and the exact level of the 50% Fibonacci correction of the previous sharp downward ABC correction (2) from November. The downward reversal from the resistance level 1.3530 stopped the previous upward impulse wave 3.
Given the strength of the nearby resistance zone and the widespread bullish CAD sentiment seen across the FX markets today – USDCAD currency pair can be expected to fall further toward the next support level 1.3450, the breakout of which can lead to further losses toward 1.3375.
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