USDCAD recently reversed up from the key multi-month support level 1.30000 (which has been reversing this currency pair from the end of August, as can be seen from the daily USDCAD chart below). The support area near the support level 1.30000 was further strengthened by the lower daily Bollinger Band. Given the strength of the support level 1.3000 and the rising bullish USD sentiment seen across the FX markets today – USDCAD is likely to rise further toward the next resistance level 1.31600 (top of the previous corrective wave 2).
