• USD/CAD broke resistance level 1.3170
• Further gains are likely
USD/CAD continues to rise inside the sharp medium-term impulse wave (3) – which previously broke through the resistance level 1.3170 (which stopped the previous B-wave of the ABC correction (2) from June, as can be seen below).
The breakout of the resistance level 1.3170 was preceded by the breakout of the daily down channel from June – which accelerated the active impulse wave (3).
USD/CAD is expected to rise further and retest the next resistance level 1.3280 (monthly high from July).