USDCAD reversed from support area

• USDCAD reversed from support area
• Further gains are likely

USDCAD recently reversed up from the support area lying between the key support level 1.3320 (former strong resistance from February) and the 38.2% Fibonacci correction of the previous upward impulse from February.

The upward reversal from this support area completed the previous short-term correction (ii).

USDCAD is expected to rise further in the active impulse wave (ii) and re-test the next resistance level 1.3470 (top of the previous impulse wave (i)).