EURCAD Wave Analysis – 05 November, 2019

• EURCAD reversed from resistance zone
• Likely to fall to 1.4450

EURCAD recently reversed down from resistance zone lying between the strong resistance level 1.4690 (which has been reversing the price from September), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from August.

The downward reversal from this resistance area stopped the earlier short-term impulse wave 1.

EURCAD is expected to fall further and retest the next support level – 1.4450 (low of the previous wave (ii) from the end of October).