Technical analysis

EURCAD Wave Analysis 14 September 2023

– EURCAD broke the support level 1.4500

– Likely to fall to support level 1.4300

EURCAD currency pair recently broke the support level 1.4500 (low of the previous ABC correction (2)) intersecting with the 61.8% Fibonacci correction of the upward impulse (1) from June.

The breakout of the support level 1.4500 accelerated the active ABC correction 2.

Given the strong CAD purchases, EURCAD currency pair can be expected to fall further toward the next support level 1.4300 (former multi-month low from June).

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