EURCAD recently broke through the resistance area lying at the intersection of the resistance trendline from June and the 61.8% Fibonacci correction of the previous sharp downward impulse from September.
The breakout of this resistance area should accelerate the short-term impulse wave (c) – which belongs to the medium-term ABC correction (iv) form last month.
EURCAD is expected to rise further and re-test the aforementioned resistance level 1.5300 (top of the previous wave (b) and the target price for the completion of the active impulse wave (c)).
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