Technical analysis

EURCAD Wave Analysis – 8 June 2023

– EURCAD reversed from support level 1.4280

– Likely to rise to resistance level 1.4500

EURCAD recently reversed up from the key support level 1.4280 (which stopped the previous corrections 4 and (4) in January and February respectively).

The upward reversal from the support level 1.4280 stopped the two of the active downward impulse waves – 1 and (C).

Given the strongly bullish euro sentiment and the oversold daily Stochastic, EURCAD can be expected to rise further toward the next resistance level 1.4500 (former support from the middle of May)

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