USDCAD currency pair can be expected to rise further toward the next resistance level 1.3750.
– USDCAD reversed from support zone
– Likely to rise to resistance level 1.3750
USDCAD currency pair recently reversed up from the support zone lying at the intersection of the key support level 1.3620 (former resistance from March and the start of April), 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from December. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer, as can be seen from the daily USDCAD chart below. This candlestick marked the end of the previous minor retracement ii.
Given the clear daily uptrend and the continuation of the strongly bullish USD sentiment seen across the FX markets today, USDCAD currency pair can be expected to rise further toward the next resistance level 1.3750.
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