• USDCAD reversed from key support level 1.265
• Likely to rise to resistance level 1.2835
USDCAD continues to rise after the price reversed up from the key support level 1.2650 (which stopped the previous short-term impulse wave at the start for January) standing close to the lower daily Bollinger Band. The upward reversal from this support level 1.2650 stopped the previous impulse wave 3 from the middle of November – which belongs to the medium-term downward impulse wave (C) from September.
Given the clear bullish divergence on the daily RSI indicator – USDCAD is expected to rise further toward the next resistance level 1.2835 (top of the previous minor correction from the start of this month) – from where the price is likely to correct down (due to the overriding downtrend).