• USDCAD reversed from support zone
• Likely to rise further
USDCAD recently reversed up from the support zone lying between the powerful support level 1.3070 (former major resistance level which reversed the price sharply in March and June, as can be seen from the daily USDCAD chart below).
The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star – which started the active corrective wave (ii).
USDCAD is likely to rise further and re-test the next resistance level 1.3200 (which reversed the price at the start of July).