Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURCAD reversed from support area
• Likely to rise to resistance level 1.41
EURCAD recently reversed up sharply from the support area located between the key support level 1.3800, weekly down channel from 2021 and the lower daily Bollinger Band.
The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer.
EURCAD can be expected to rise further toward the next resistance level 1.41 (target price for the completion of the active wave 4).
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