EURCAD Wave Analysis – 19 January, 2022

• EURCAD reversed from key support level 1.4170

• Likely to rise to resistance level 1.4250

EURCAD recently reversed up from the key support level 1.4170 (previous Double Bottom from November), – strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 1.4170 stopped the previous sharp downward impulse waves (iii) and 3.

EURCAD can be expected to rise further toward the next resistance level 1.4250 (former support which stopped the previous impulse wave (i)).