Technical analysis

EURCAD Wave Analysis – 6 July, 20211

• EURCAD reversed from support zone
• Likely to rise to resistance level 1.4820

EURCAD currency pair recently reversed up from the support zone located between the key support level 1.4600 (former monthly low from May) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the previous downward impulse waves (iii) and 3.

Given the strength of the aforementioned support zone, EURCAD currency pair can be expected to rise further toward the next resistance level 1.4820 (top of the previous waves (a) and 2).

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