USD/CAD reversed from powerful resistance zone
- USD/CAD reversed from powerful resistance zone
- Next sell target - 1.3000
USD/CAD has been under strong bearish pressure lately – following the earlier sharp downward reversal from the powerful resistance zone lying between the resistance levels 1.3250 and 1.3150 (which has been reversing this currency pair from April, as can be seen from the daily USD/CAD chart below). This resistance zone was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from April.
USD/CAD is expected to fall down further in the active primary impulse wave ③ toward the next sell target at the round support level 1.3000 (low of the previous minor correction 4).