Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• 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).
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