USDCAD currency pair be expected to rise further toward the next resistance level 1.3600 (former strong support from May and July).
– USDCAD reversed from support zone
– Likely to rise to resistance level 1.3600
USDCAD currency pair recently reversed up sharply from the support zone located between the key support level 1.3420 (previous monthly low from March, as can be seen from the daily USDCAD chart below), 61.8% Fibonacci correction of the upward impulse from December and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which stopped the previous short-term impulse wave 1 from the start of August.
Given the strength of the aforementioned support zone, clear daily uptrend and the resumption of the bullish US dollar sentiment that can be seen across the FX markets today, USDCAD currency pair be expected to rise further toward the next resistance level 1.3600 (former strong support from May and July).
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