USDCAD Wave Analysis – 17 March, 2020

• USDCAD broke multi-month resistance level 1.3750
• Likely to rise to 1.4500

USDCAD recently broke the key multi-month resistance level 1.3750 (which previously stopped the daily uptrend at the start of 2017 as can be seen from the weekly USDCAD chart below).

The breakout of the resistance level 1.3750 accelerated the active medium-term upward impulse wave (3) from the start of this year.

USDCAD is likely to rise further toward the next resistance level 1.4500 (which stopped the sharp weekly uptrend in 2016 and which is also the target price for the completion of the active impulse wave (3