USDCAD currency pair can be expected to rise to the next resistance level 1.4100 (former double top from November and the target price for the completion of the active impulse wave iii).

  • USDCAD broke pivotal resistance level 1.3955
  • Likely to rise to resistance level 1.4100

USDCAD currency pair recently broke the resistance zone between the pivotal resistance level 1.3955 (which has been reversing the price from January, as can be seen from the daily USDCAD chart below), and the resistance trendline of the narrow daily up channel from the start of May. The breakout of this resistance zone accelerated the active short-term impulse wave iii – which belongs to impulse wave C of the intermediate ABC correction (C) from the end of January.

Given the strongly bullish US dollar sentiment see today, USDCAD currency pair can be expected to rise to the next resistance level 1.4100 (former double top from November and the target price for the completion of the active impulse wave iii).

The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.