EURCAD Wave Analysis 5 May, 2021

• EURCAD approached key support level 1.4730

• Likely to rise to resistance level 1.4835

EURCAD today approached the key support level 1.4730, intersecting with the daily down channel from last August and the lower daily Bollinger Band.

This support level earlier reversed the previous sharp downward impulse wave (3) at the end of March.

Given the oversold daily Stochastic – EURCAD is likely to rise further toward the next resistance level 1.4835 (top of the previous two trading sessions).