EURCAD Wave Analysis 6 September 2024

– EURCAD reversed from pivotal support level 1.4900

– Likely to rise to resistance level 1.5100

EURCAD currency pair recently reversed from the pivotal support level 1.4900 (a former monthly high from July, which stopped the previous correction (4)).

The support level 1.4900 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from June.

Given the clear daily uptrend and the bearish Canadian dollar sentiment seen across the FX markets today, EURCAD currency pair can be expected to rise further to the next resistance level 1.5100.