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USDCAD Wave Analysis – 6 April, 2022

36878 usdcad wave analysis 6 april 2022

• 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).

Source: Fxpro

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