EURCAD Wave Analysis – 17 May, 2022

• EURCAD reversed from support level 1.3400
• Likely to rise to 1.3600

EURCAD today reversed up from the strong support level 1.3400 (which stopped the previous sharp downward impulse wave 3 at the end of last month).

The upward reversal from the support level 1.3400 will most likely form the daily candlesticks reversal pattern Morning Star.

Given the moderate euro bullishness seen today – EURCAD can be expected to rise further toward the next resistance level 1.3600.