USDCAD Wave Analysis – 23 May 2025

USDCAD: ⬇️ Sell

– USDCAD reversed from strong resistance area

– Likely to fall to support level 1.3755

USDCAD currency pair recently reversed down from the strong resistance area between the round resistance level 1.4000 intersecting with the upper daily Bollinger Band and the resistance trendline of the daily down channel from March.

The downward reversal from this resistance area started the C-wave of the active ABC correction (2).

USDCAD currency pair can be expected to fall to the next support level 1.3755 (the former low from the start of May and the target for the completion of the active ABC correction (2)).

Source: https://fxpro.news