USDCAD Wave Analysis 22 January, 2021

• USDCAD reversed from key support level 1.2635

• Likely to rise to resistance level 1.2800

USDCAD recently reversed up from the key support level 1.2635 (which has been reversing the pair from the start of January) – standing near the lower daily Bollinger Band.

The upward reversal from this support level created the daily Bullish Engulfing candlesticks reversal pattern.

USDCAD is expected to rise further toward the next resistance level 1.2800 (which formed the daily Shooting Star last week).