EURCAD currency pair can be expected to rise further toward the next resistance level 1.5000.
– EURCAD reversed from support zone
– Likely to rise to resistance level 1.5000
EURCAD currency pair earlier reversed up from the support zone located between the pivotal support level 1.4900 (former resistance from June, which has stopped all downward corrections from the start of August, as you can see from the daily EURCAD chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the earlier short-term impulse wave i, which belongs to the intermediate impulse wave C from the start of November.
Given the bullish uptrend that can be seen on the daily charts and the rising bullish euro sentiment can be seen across the FX markets today, EURCAD currency pair can be expected to rise further toward the next resistance level 1.5000.
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