Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURCAD reversed from support zone
• Likely to rise to resistance level 1.4350
EURCAD recently reversed up once again from the support zone lying between the key support level 1.4176 (which has been reversing the price from November) and the lower daily Bollinger Band.
The upward reversal from this support zone stopped the earlier minor impulse wave (iii).
Given the strength of the aforementioned support zone – EURCAD can be expected to rise further toward the next resistance level 1.4350 (top of the previous corrections (iv) and (ii)).
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