USDCAD Wave Analysis – 7 August 2026

USDCAD: Sell

– USDCAD broke the support zone

– Likely to fall to support level 1.3850

USDCAD currency pair recently broke the support zone between the support levels 1.4000 (low of the previous wave (A)) and 1.395 (former strong resistance from April).

The breakout pf this support zone coincided with the breakout of the 50% Fibonacci correction of the sharp upward impulse from May.

Given the bearish US dollar sentiment seen today, USDCAD currency pair can be expected to fall further to the next support level 1.3850.