– USDCAD reversed from the support area
– Likely to rise to resistance level 1.4380
USDCAD currency pair recently reversed from the support area between the pivotal support level 1.4180 (former monthly high from November), 61.8% Fibonacci retracement of the upward impulse from November and the lower daily Bollinger Band.
The upward reversal from this support area stopped the A-wave of the active ABC correction (2) from the end of January.
Given the clear daily uptrend and the oversold daily Stochastic, USDCAD currency pair can be expected to rise to the next resistance level 1.4380.
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