USDCAD currency pair can be expected to rise to the resistance level 1.3915 (former monthly high from January and the target for the completion of the active impulse wave C).
- USDCAD broke resistance area
- Likely to rise to resistance level 1.3915
USDCAD currency pair recently broke the resistance area between the pivotal resistance level 1.3725 (which has been reversing the price from February, as can be seen from the daily USDCAD chart below), resistance trendline of the daily down channel from November and the 61.8% Fibonacci correction of the downward impulse from January. The breakout of this resistance area accelerated the active minor impulse wave iii, which is part of the sharp C-wave of the intermediate ABC correction (2) from the end of January.
Given the strength of the active C-wave and the strongly bullish US dollar sentiment seen today, USDCAD currency pair can be expected to rise to the resistance level 1.3915 (former monthly high from January and the target for the completion of the active impulse wave C).
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