USDCAD Wave Analysis 28 October, 2020

• USDCAD broke daily down channel

• Likely to rise to 1.3335

USDCAD recently broke the resistance trendline of the daily down channel from the end of September – which accelerated the active impulse wave 3.

The pair today broke above the next resistance level 1.3255 (top of wave (b) from the middle of October) – which should add to the bullish pressure on USDCAD.

USDCAD is likely to rise further toward the next resistance level 1.3335 (top of the daily Bearish Engulfing from the start of this month).