Technical analysis

EURCAD Wave Analysis 29 September 2023

– EURCAD reversed from long-term support level 1.4245

– Likely to rise to resistance level 1.4400

EURCAD currency pair recently reversed up from the long-term support level 1.4245 (which has been reversing the price from January) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.4245 created the daily candlesticks reversal pattern Bullish Engulfing – strong buy signal for this currency pair.

Given the strength of the support level 1.4245, EURCAD currency pair can be expected to rise further toward the next resistance level 1.4400 (top of the previous wave iv).

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