EURCAD: ⬆️ Buy
– EURCAD reversed from support level 1.5600
– Likely to rise to resistance level 1.5750
EURCAD currency pair recently reversed up from the support zone between the support level 1.5600 (former multi-month low from March, which stopped wave (5)), the lower daily Bollinger Band and the support trendline of the daily down channel from the start of October.
The upward reversal from this support zone started the active short-term correction inside the impulse wave iii.
Given the strength of the support level 1.5600 and the oversold daily Stochastic, EURCAD currency pair can be expected to rise further toward the next resistance level 1.5750 – which stopped wave ii at the end of October and which intersects with the resistance trendline of the aforementioned down channel.