USDCAD Wave Analysis – Action Forex
- USDCAD reversed from pivotal support level 1.4290
- Likely to rise to resistance level 1.4455
USDCAD currency pair recently reversed up from the pivotal support level 1.4290 (lower border of the sideways price range from December, which stopped previous waves A and (4)).
The support level 1.4290 was also strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the previous upward impulse from December.
Given the clear daily uptrend, USDCAD currency pair can be expected to rise in the active impulse wave (5) to the next resistance level 1.4455 (upper border of the active sideways price range).
