EURCAD Wave Analysis – 13 February, 2020

• EURCAD broke multi-month support level 1.4460
• Likely to fall to 1.4300

EURCAD recently broke sharply through the strong multi-month support level 1.4460 (which has been reversing the price from the start of September).

The breakout of the support level 1.4460 accelerated the active short-term impulse wave 5 of the medium-term impulse sequence (3) from the start of 2019.

Given the strength of the daily downtrend – EURCAD is likely to fall further toward the next support level 1,4300 (target for the completion of the active impulse wave 3).