EURCAD Wave Analysis – 17 January, 2023

• EURCAD reversed from key resistance level 1.4585

• Likely to fall to support level 1.4400

EURCAD recently reversed down from the key resistance level 1.4585 (which has been repeatedly reversing the pair from the end of 2021 as can be seen below).

The downward reversal from the resistance level 1.4585 continues the active weekly downtrend from the start of 2020.

Given the overbought reading on both the daily and the weekly Stochastic indicators, EURCAD can be expected to fall further toward the next support level 1.4400.