EURCAD Wave Analysis – 17 December, 2021

• EURCAD reversed from resistance level 1.4535

• Likely to fall to support level 1.4260

EURCAD currency pair recently reversed down strongly from the key resistance level 1.4535 (which has been reversing the price from the end of November, as can be seen below).

The resistance zone near the resistance level 1.4535 was further strengthened by the upper daily Bollinger band and by the 38.2% Fibonacci correction of the downward impulse from September.

Given the clear daily downtrend – EURCAD can be expected to fall further toward the next support level 1.4260 (which stopped the previous wave B).