USDCAD Wave Analysis 16 February, 2021

• USDCAD reversed from support level 1.2600

• Likely to reach resistance level 1.2760

USDCAD currency pair recently reversed up from the pivotal support level 1.2600 (which stopped the previous impulse wave 5 with the daily Morning Star in January).

The support zone near the support level 1.2600 was strengthened by the lower daily Bollinger Band.

Given the oversold daily Stochastic – USDCAD is likely to rise further toward the next resistance level 1.2760 (the top of the previous daily Doji).