• USDCAD reversed from support zone
• Likely to rise to resistance level 1.2770
USDCAD currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support area located between the key support level 1.2600 (low of the previous correction (iv)) standing close to the lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward price impulse from the middle of October. The upward reversal from this support zone stopped the previous short-term ABC correction (ii).
Given the strength of the nearby support level 1.2600 – USDCAD currency pair can be expected to rise further toward the next resistance level 1.2770 (low of wave (a) from the end of December).