• USDCAD reversed from support area
• Likely to rise to resistance level 1.2765
USDCAD currency pair earlier reversed up from the support area lying between the key support level 1.2630 (which has been steadily reversing the price from the start of January – as can be seen from the daily USDCAD chart below) and the lower daily Bollinger Band. The upward reversal from this support area stopped the (c)-wave of the previous short-term ABC correction 2 from the end of January.
Given the strength of the support level 1.2630 and the oversold reading on the daily Stochastic indicator – USDCAD currency pair can be expected to rise further toward the next resistance level 1.2765 (top of the previous minor corrective wave (b)).