USDCAD Wave Analysis
The USDCAD pair reversed sharply downward from the pivotal resistance level of 1.4080 today. This key level, near the upper daily Bollinger Band, has consistently held since early November, marking the 5th failed attempt to break above it.
This strong resistance suggests a bearish# outlook for the pair. USDCAD is likely to continue its decline, targeting the next support level at 1.3990—corresponding to the low from the minor correction at the end of last month.
Traders should monitor this level closely as the pair tests new lows.
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