USDCAD Wave Analysis – 3 February 2025

- USDCAD reversed from the long-term resistance level 1.4670
- Likely to correct to support level 1.4400

USDCAD currency pair recently reversed down from the major long-term resistance level 1.4670, which stopped the previous sharp uptrend at the start of 2020, as can be seen from the weekly USDCAD chart below.

The resistance level was further strengthened by the proximity of the upper daily, weekly and monthly Bollinger Bands.

Given the strength of the resistance level 1.4670, the USDCAD currency pair can be expected to fall to the next support level 1.4400.