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 broke resistance area
• Likely to rise to 1.5540
EURCAD recently broke through the resistance area located between the key resistance level 1.5430 (top of the previous waves 1 and (i)) and the 38.2% Fibonacci correction of the earlier downward correction from March.
The breakout of this resistance area accelerated the active impulse waves (iii), 3 and (3).
EURCAD can be expected to rise further toward the next resistance level 1.5540 (top of the impulse wave (1) from the start of May).
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