EURCAD Wave Analysis 3 December, 2020

• EURCAD broke key resistance level 1.5660

• Likely to rise to 1.5745

EURCAD recently broke above the key resistance level 1.5660 (which reversed the price twice in October as can be seen from the daily EURCAD chart below).

The breakout of the resistance level 1.5660 coincided with the breakout of the 50% Fibonacci correction of the previous medium-term ABC correction (2) from July.

EURCAD is expected to rise further toward the next resistance level 1.5745 (monthly high from August and the target price for the termination of the active impulse wave 3).