EURCAD currency pair be expected to rise further toward the next resistance level 1.5050.
– EURCAD reversed from support area
– Likely to rise to resistance level 1.5050
EURCAD currency pair recently reversed up sharply from the support area set between the pivotal support level 1.4915 (former monthly high from June acting as the support after it was broken in the middle of July, as can be seen from the daily EURCAD chart below), 50% Fibonacci correction of the upward impulse from June and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which started the active short-term impulse wave iii.
Given the strength of the aforementioned support zone, clear daily uptrend and the continuation of the bearish Canadian dollar sentiment due to heavy crude oil losses lately, EURCAD currency pair be expected to rise further toward the next resistance level 1.5050 (former minor support from the middle of August).
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