USDCAD broke key resistance level 1.3390

• USDCAD broke key resistance level 1.3390
• Further gains are likely

USDCAD today broke through the strong resistance level 1.3390 (which stopped the previous medium-term impulse wave (5) and the sharp daily uptrend in June – as can be seen from the daily chart below).

The breakout of the resistance level 1.3390 should accelerate the active medium–term impulse wave (3) – which belongs to the longer-term upward impulse sequence from the end of September.

USDCAD is expected to rise further and re-test the next resistance level 1.3500 (target price for the completion of the active impulse wave (3)).