EURCAD Wave Analysis – 18 November, 2021

• EURCAD reversed from support area

• Likely to rise to resistance level 1.4450                                                                 

EURCAD currency pair recently reversed up from the powerful support area located between the multi-month support level 1.4255 (previous multi-month low from the start of January) and the lower weekly Bollinger Band.

The upward reversal from this support area stopped the previous impulse wave (3) of the weekly impulse wave (3) from the middle of 2021.

Given the strength of the support level 1.4255, oversold weekly Stochastic, EURCAD currency pair can be expected to rise further toward the next resistance level 1.4450.