EURCAD Wave Analysis 3 October 2024

– EURCAD reversed from key support level 1.4900

– Likely to rise to resistance level 1.5150

EURCAD currency pair recently reversed up from the key support level 1.4900 (former resistance from June, which stopped the previous waves (4) and 1) intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the sharp upward impulse from June.

The upward reversal from the support level 1.4900 created the daily Japanese candlesticks reversal pattern Hammer.

Given the clear daily uptrend, EURCAD currency pair can be expected to rise further to the next resistance level 1.5150 (top of wave 2 from last month).