EURCAD Wave Analysis – 23 January, 2020

• EURCAD reversed from resistance area
• Likely to fall to 1.4460

EURCAD recently reversed down from the resistance area lying between the resistance level 1.4580 (former resistance from the start of this month), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse (i) from November.

The downward reversal from this resistance area continues the active short-term impulse wave 5, which belongs to the impulse sequence (5) from last year.

EURCAD is likely to fall further toward the next support level 1.4460 (which has been reversing the price from October).