USDCAD Wave Analysis – 22 January, 2019

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  • USDCAD reversed from resistance area
  • Likely to fall to 1.3030

USDCAD recently reversed down from the resistance area lying between the resistance level 1.3090 (former strong support from December) and the 38.2% Fibonacci correction of the previous sharp downward impulse from last month.

The downward reversal from this resistance area stopped the previous short-term corrective wave (b).

USDCAD is likely to fall further toward the next support level 1.3030 (low of the previous short-term correction a).

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