Technical analysis

EURCAD Wave Analysis 9 November 2023

– EURCAD reversed from pivotal resistance level 1.4775

– Likely to fall to support level 1.4650

EURCAD recently reversed down from the pivotal resistance level 1.4775 (which has been reversing the pair from the start of July).

The downward reversal from the resistance level 1.4775 stopped the earlier medium-term ABC correction (2).

Given the strength of the resistance level 1.4775 and the bearish euro sentiment seen across the FX markets, EURCAD can be expected to fall further toward the next support level 1.4650.

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