USDCAD Wave Analysis

• USDCAD reversed from support level 1.2450
• Likely to rise to resistance level 1.2650

USDCAD recently reversed up sharply from the powerful support level 1.2450 (which has been repeatedly reversing the price from the middle of January).

The upward reversal from the support level 1.2450 created the daily candlesticks reversal pattern Piercing Line – which stopped the previous minor correction 2.

USDCAD can be expected to rise further toward the next resistance level 1.2650 (which stopped the previous waves 1 and (b)).