USDCAD recently reversed up from the support area lying between the key support level 1.38700 (which has been steadily reversing the pair from the middle of April), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from the end of December. The upward reversal from this support started the active impulse wave (c). With the moderately bearish Canadian dollar sentiment coinciding with the moderately bullish US dollar outlook – USDCAD is likely to extend the gains toward the next resistance level 1.41400 (top of the previous short-term correction (a) from the start of May).