EURCAD Wave Analysis 6 December 2024

– EURCAD broke resistance zone

– Likely to rise to resistance level 1.5000

EURCAD currency pair recently broke the resistance zone located between the resistance level 1.4865 (which has been reversing the pair from the middle of November) and the 50% Fibonacci correction of the downward impulse wave C.

The breakout of this resistance zone accelerated the active intermediate impulse wave (C).

Given the clear daily uptrend and the strongly bearish CAD sentiment seen today, EURCAD currency pair can be expected to rise toward the next round resistance level 1.5000.