• USDCAD reversed from support area
• Likely to rise to resistance level 1,2600
USDCAD currency pair recently reversed up from the support area lying between the key support level 1.2425 (low of the previous daily Hammer from the middle of July), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward price impulse from the end of May. The upward reversal from this support area started the active intermediate ABC correction (2).
Given the strongly bearish Canadian dollar sentiment seen across the FX markets today on falling oil, USDCAD currency pair can be expected to rise further toward the next resistance level 1,2600 (which reversed the price with the daily Bearish Engulfing at the end of last month).