USD/CAD weakness persists as market eyes 1.3400 support [Video]

Gregor Horvat Wavetraders

USD/CAD is moving to the downside and we now have a new swing high from around the 1.3720 area. This suggests an ongoing impulsive structure rather than the complex triangle in the B wave that we discussed in our previous update. It seems that another low could still be coming then, but there is very strong and important support around 1.34. That area could trigger a strong reversal, based on a wedge shape, so we should be aware of a potential rebound.

The key question is whether we are looking at a leading diagonal in wave one, which would allow for much lower levels later in wave C, or whether this is an ending diagonal in wave C itself, which would point to a sharp reversal. In either case, weakness may be limited over the coming weeks as price approaches the September 2024 swing low support.

For more analysis like this, you may want to watch below our latest recording of a live webinar streamed on Monday February 09, 2026:

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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