- USDCAD reversed from key support level 1.3400
- Further gains are likely
USDCAD continues to rise after the recent upward reversal from the key support level 1.3400 (former resistance level from the start of April) – strengthened by the 38.2% Fibonacci correction of the previous upward impulse from February.
The upward reversal from the support level 1.3400 created the daily Japanese candlesticks reversal pattern Piercing Line.
USDCAD is expected to rise further and re-test the next resistance level 1.3520 (monthly high from last month).