EURCAD Wave Analysis 18 January, 2021

• EURCAD reversed from key support level 1.5330

• Likely to rise to 1.5500

EURCAD recently reversed up from the key support level 1.5330 (former monthly low from November) standing well outside of the lower daily Bollinger Band.

The support area near the support level 1.5330 was further strengthened by the 38.2% Fibonacci correction of the upward price impulse from the start of 2020.

Given the strength of the support level 1.5330 – EURCAD is expected to rise further toward the next resistance level 1.5500.