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USDCAD Wave Analysis 26 April, 2021

• USDCAD broke key support level 1.2480

• Likely to fall to support level 1.235

USDCAD continues to fall after the price broke the key support level 1.2480 (which reversed the pair each of the last 5 trading sessions).

The breakout of the support level 1.2480 accelerated the active minor corrective wave (ii) from the middle of April.

Given the strong multi-month downtrend – USDCAD currency pair is likely to fall further toward the next pivotal  support level 1.235 (monthly low from March and the target for the completion of the active wave (ii)).

USDCAD Wave Analysis 26 April, 2021

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