USDCAD today broke sharply above the strong resistance level 1.3280 (high of the previous wave 2 – which also previously reversed the pair in the middle of November, as can be seen below).
The breakout of this resistance level continues the active short-term impulse wave 4 of the medium-term impulse wave (3) from the start of November.
USDCAD is expected to rise further and re-test the next major resistance level 1.3390 (multi-month high from June and the target price for the completion of the active impulse wave 3).
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