Forex Analysis

USDCAD Technical Analysis 15 December, 2021

• USDCAD broke key resistance level 1.2845
• Likely to rise to resistance level 1.290

USDCAD currency pair under the bullish pressure today after the earlier breakout of the key resistance level 1.2845 (which stopped the previous sharp upward impulse wave (i) at the start of December). The breakout of the resistance level 1.2845 accelerated the active short-term impulse wave (iii) – which belongs to the higher order upward impulse wave C from the end of October.

Given the clear daily uptrend and the continuation of bearish Canadian dollar risk sentiment seen across the FX markets today (on crude oil losses), USDCAD currency pair can be expected to rise further toward the next resistance level 1.290 (previous monthly high from the middle of September).

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