USDCAD Wave Analysis 4 December, 2020

December 04, 2020 at 03:08PM

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• USDCAD broke key support level 1.2940

• Likely to fall to 1.2700

USDCAD continues to fall strongly after the pair broke below the key support level 1.2940 (which stopped the previous minor impulse wave 1 in November).

The breakout of the support level 1.2940 accelerated the active short-term impulse wave 3 and the higher level impulse wave (C).

USDCAD is expected to fall further toward the next support level 1.2700 (target price for the completion of the active impulse wave 3).

From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/usdcad-wave-analysis-4-december-2020-20201204/
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