EURCAD Wave Analysis – 15 January, 2019

• EURCAD reversed from key resistance level 1.5280
• Further losses are likely

EURCAD recently reversed down from the key resistance level 1.5280 – strengthened by the 50% Fibonacci correction of the previous upward impulse from the end of November.

The downward reversal from this resistance level completed the previous short-term correction (ii) – which belongs to the impulse wave C from December.

EURCAD is expected to fall further and re-test the next round support level 1.5100 (low of the previous corrective (ii)).