Technical analysis

EURCAD Wave Analysis 25 September 2023

– EURCAD broke support level 1.4290

– Likely to fall to support level 1.4200

EURCAD today broke below the key support level 1.4290 (which has been reversing the price from the start of January as can be seen below).

The breakout of the support level 1.4290 accelerated the C-wave of the active ABC correction (2) from the middle of July.

Given the bearish euro sentiment seen across the FX markets today, EURCAD can be expected to fall further toward the next support level 1.4200 (target for the completion of the active C-wave).

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