USDCAD currency pair recently broke above the key resistance level 1.28550 (which stopped the previous sharp upward impulse wave (1) at the start of December, as can be seen from the daily USDCHF chart below). The breakout of the resistance level 1.28550 accelerated the active intermediate impulse wave (3). Given the clear daily uptrend and the strengthening bearish sentiment affecting the Canadian dollar today (on the continued crude oil losses), USDCAD currency pair can be expected to rise further toward the next major resistance level 1.29500 (multi- month high from August).
