EURCAD Wave Analysis – 1 September, 2022

• EURCAD reversed from resistance level 1.3200

• Likely to fall to support level 1.3000

EURCAD currency pair recently reversed down from the resistance level 1.3200, intersecting with the upper Bollinger Bond and the 38.2% Fibonacci correction of the downward impulse from June.

The downward reversal from the resistance level 1.3200 stopped the earlier short-term correction 2.

Given the strong long-term downtrend and moderate euro bearishness – EURCAD can be expected to fall further toward the next round support level 1.3000.