Categories: Technical analysis

EURCAD Wave Analysis – 7 November, 2022

• 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.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: EURCAD

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