USDCAD Wave Analysis 25 October 2024

– USDCAD reversed from support zone

– Likely to rise to resistance level 1.3950

USDCAD currency pair recently reversed up from the support level 1.3745 (former resistance from the middle of August, serving as the support after it was broken recently).

The upward reversal from the support level 1.3745 started the active impulse wave 3 of the higher order impulse wave (3).

Given the strongly bullish US dollar sentiment, USDCAD currency pair be expected to rise toward the next resistance level 1.3950 (former multi-month high from August).