EURCAD Wave Analysis 25 January 2024

– EURCAD reversed from resistance level 1.4720

– Likely to fall to support level 1.4570

EURCAD currency pair recently reversed down once again from the key resistance level 1.4720 (upper boundary of the sideways price range inside which the pair has been trading from December).

The resistance level 1.4720 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the previous sharp downward impulse from November.

Given the strength of the resistance level 1.4720, EURCAD can be expected to fall further to the next support level 1.4570 (lower boundary of this price range).