USDCAD currency pair recently reversed up from the key support level of 1.2450 (which has been steadily reversing the pair from the middle of January, as can be seen from the daily USDCAD chart below) – standing close to the lower daily Bollinger Band. The upward reversal from the support level of 1.2450 created the daily Hammer.
Given the strength of the support level of 1.2450 – USDCAD currency pair can be expected to rise further toward the next resistance level 1.25350 (top of the previous wave (ii).
