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November 07, 2022 @ 14:20 +03:00
• EURCAD reversed from key support 1.3280
• Likely to rise to resistance level 1.3520
EURCAD under the bullish pressure after the earlier upward reversal from the key support 1.3280 (former strong resistance from July and August) – standing near the lower daily Bollinger Band.
Upward reversal from the key support 1.3280 created the daily Hammer, which started the active short-term impulse wave 3- which belongs to wave (C) from September.
Given the strong euro gains, EURCAD can be expected to rise further toward the next resistance level 1.3520.