EURCAD Wave Analysis – 27 July, 2020

• EURCAD broke key resistance level 1.5540
• Likely to rise to 1.5785

EURCAD recently broke above the key resistance level 1.5540 (former monthly high from May), intersecting with the 50% Fibonacci retracement of the previous downward correction from March.

The breakout of the resistance level 1.5540 accelerated the active impulse waves 3 and (3).

EURCAD is likely to rise further toward the next resistance level 1.5785 (top of the Shooting Star from March and the target for the completion of wave 3).