• USDCAD reversed from support level 1.245
• Likely to rise to resistance level 1.2600

USDCAD currency pair recently reversed up from the strong support level 1.245 (which has been reversing the pair from the start of January, as can be seen from the daily USDCAD chart below), intersecting with the support trendline of the daily down channel from December and the lower daily Bollinger Band. The upward reversal from the support level 1.245 started the active short-term impulse wave 3.

Given the strength of the support level 1.245 – USDCAD currency pair can be expected to rise further toward the next resistance level 1.2600 (former support from the start of December).