EURCAD Wave Analysis – 1 May 2023

• EURCAD reversed from long-term resistance level 1.5095

• Likely to fall to support level 1.4800

EURCAD currency pair previously reversed down strongly from the long-term resistance level 1.5095 (which has been steadily reversing the pair from the start of 2021).

The resistance level 1.5095 was strengthened by the resistance trendline of the weekly up channel from the start of this year.

Given the triple bearish divergence one the weekly Stochastic indicator, EURCAD currency pair can be expected to fall further toward the next support level 1.4800.