EURCAD Analysis 05 November, 2020

• EURCAD reversed from support level 1.5395

• Likely to rise to 1.5660                                                                                          

EURCAD recently reversed up from the pivotal support level 1.5395, intersecting with the lower daily Bollinger Band and the support trendline from April.

The upward reversal from the support level 1.5395 stopped the previous medium-term ABC correction (2).

EURCAD is likely to rise further toward the next resistance level 1.5660 (top of the previous bearish engulfing from the end of October).