Technical analysis

EURCAD Wave Analysis – 12 July 2023

– EURCAD broke resistance level 1.4500

– Likely to rise to resistance level 1.4750

EURCAD continues to rise after the earlier breakout of the resistance level 1.4500, which stopped the two of the previous impulse waves (1) and 1, as can be seen below.

The breakout of the resistance level 1.4500 accelerated the active upward impulse waves 3 and (3).

Given the strong bullish euro sentiment, EURCAD can be expected to rise further toward the next resistance level 1.4750 (top of wave 4 from May).

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