USDCAD recently reversed up with the daily Hammer from the support area lying between the key support level 1.3260 (which stopped the sharp uptrend in October), support trendline of the daily up channel from October and 50% Fibonacci correction of the previous sharp impulse wave 1. Given the strengthening bullish US dollar sentiment seen across the FX markets today – USDCAD is likely to remain under the bullish pressure and to rise in the active impulse wave 3 toward the next resistance level 1.33500 (monthly high from October).
