USDCAD Technical Analysis Report 6 May, 2021

• USDCAD reversed from resistance level 1.2365
• Likely to fall to support level 1.2200

USDCAD currency pair recently reversed down from the key resistance level 1.2365 (former monthly low from March – acting as resistance after it was broken by the previous downward impulse wave (i) – as can be seen from the daily USDCAD chart below). The downward reversal form the resistance level 1.2365 accelerated the active impulse waves 3 and (5).

Given the strong daily downtrend and the bullish U.S. dollar sentiment across the FX markets today – USDCAD currency pair can be expected to fall further toward the next support level 1.2200 (intersecting with the daily own channel from last October).

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