Technical analysis

EURCAD Wave Analysis – 16 February 2023

• EURCAD reversed from support level 1.445

• Likely to rise to resistance level 4200.00

EURCAD currency pair recently reversed up from the support level 1.423 (previous monthly low from January), standing near the lower daily Bollinger Band.

The upward reversal from the support level 1.423 stopped the previous short-term ABC correction 2.

Given the clear daily uptrend, EURCAD can be expected to rise further toward the next resistance level 1.445 (previous minor high from the start of this month).

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