Technical analysis

EURCAD Wave Analysis – 28 March 2023

• EURCAD reversed from support level 1.4740

• Likely to rise to resistance level 1.492

EURCAD today reversed up from the support area located between the key support level 1.4740 (previous resistance from the start of March), standing near the 38.2% Fibonacci correction of the previous upward impulse (iii).

The upward reversal from the support level 1.4740 stopped the previous minor ABC correction (iv).

Given the prevailing daily uptrend, EURCAD can then be expected to rise further toward the next resistance level 1.492 (top of the previous impulse wave (iii)).

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