USDCAD Technical Analysis Report 7 July, 2021

• USDCAD reversed from resistance zone
• Likely to fall to support level 1.2400

USDCAD currency pair recently reversed down from the combined resistance zone lying between the key resistance level 1.2475 (former strong support from the middle of April), upper daily Bollinger Band and the 61.8% Fibonacci correction of the extended downward price move from January. The doe nard reversal from this resistance zone stopped the previous short-term impulse waves 3 and (C).

Given the strength of the aforementioned resistance zone – USDCAD currency pair can be expected to fall further toward the next support level 1.2400. Strong resistance stands at the resistance level 1.2475.

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