Technical analysis

EURCAD Wave Analysis 18 May, 2021

• EURCAD reversed from support level 1.4665

• Likely to rise to resistance level 1.4775

EURCAD recently reversed up from the key support level 1.4665 (which has been repeatedly reversing this currency pair from the start of May).

The support zone near the support level 1.4665 was strengthened by the lower daily Bollinger Band and by the support trendline of the weekly down channel from 2020.

Given the strength of the support level 1.4665 – EURCAD is likely to rise further toward the next resistance level 1.4775 (top of the previous correction (iv)).

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